Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 3 February.

INSIGHT: EU ban on Russian refined products will tighten market
BARCELONA (ICIS)–The impending EU ban on refined oil products from Russia will force the country to cut refinery operating rates and tighten the global market, but a wave of new capacity should help restore balance from the second half of 2023.

Austria’s OMV chemicals, materials Q4 operating profit sinks on margins, demand
OMV’s fourth-quarter (Q4) clean operating result for its Chemicals & Materials division sank 89%, year on year, to €57m on weaker margins and demand, the Austrian energy and petrochemicals major said on Thursday.

€250bn of redirected EU funds for net zero projects in Green Deal Industrial Plan
€250bn of funds from the EU’s REPower emergency energy crisis support mechanism can be redirected to member states to support investment in net zero industries, European Commission President Ursula von der Leyen said on Wednesday.

UK chemicals sales fall sharply, firms face ‘adverse impact’ of government policy – trade group
UK chemical companies’ sales fell sharply between the third and the fourth quarter as half reported a fall in demand and exports, trade group Chemical Industries Association (CIA) said on Wednesday.

UK growth expected lower on stretched consumer, eurozone growth revised up – IMF
Growth domestic product (GDP) in the UK will fall by 0.6% in 2023 compared with 2022 as companies and households face tighter monetary conditions and elevated energy prices, the International Monetary Fund (IMF) said on Tuesday.

Spanish chemical industry in good health, EU funds helped to alleviate crisis – trade union
The Spanish chemical industry has resisted the onslaught caused by the energy crisis in Europe, with producers benefiting from the ‘Iberian exception’ which has lowered their input costs, according to an industry executive at the country’s main trade union CCOO.