Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 3 November 2023.

NE Asia December C2 spot trade starts slow ahead of 2024 term talks
By Yeow Pei Lin 03-Nov-23 11:23 SINGAPORE (ICIS)–Northeast Asia’s spot ethylene (C2) import prices were little changed in light trading this week, as caution permeated the market in talks centred on December deliveries.

Saudi Arabia’s SABIC swings to Q3 net loss on Hadeed sale
By Pearl Bantillo 02-Nov-23 18:00 SINGAPORE (ICIS)–Saudi petrochemical giant SABIC has incurred a third-quarter net loss of Saudi riyal (SR) 2.88bn ($768m), reversing the weighed down by one-off non-cash losses related to the divestment of its steel subsidiary.

GAIL (India) signs 15-year propane supply deal with Bharat Petroleum
By Pearl Bantillo 02-Nov-23 14:27 SINGAPORE (ICIS)–Bharat Petroleum Corp Ltd (BPCL) will supply propane feedstock to GAIL (India) Ltd’s petrochemical project in Usar in the western Maharashtra state over 15 years under a deal signed between the two companies.

South Korea exports snap one-year fall; shipments to China still down
By Pearl Bantillo 01-Nov-23 13:55 SINGAPORE (ICIS)–South Korea’s exports grew in October to $55.1bn, snapping 12 consecutive months of decline, indicating that some external demand is holding up despite the global economic slowdown.

Shell exits Pakistan via sale of entire SPL stake to Saudi Wafi Energy
By Pearl Bantillo 01-Nov-23 15:01 SINGAPORE (ICIS)–Shell will sell its 77.4% stake in a listed subsidiary company in Pakistan to Saudi Arabia’s Wafi Energy for an undisclosed amount, marking the Anglo-Dutch energy giant’s exit from the south Asian country by late next year.

S Korea’s S-Oil targets Shaheen project mechanical completion in H1 ’26
By Pearl Bantillo 31-Oct-23 12:23 SINGAPORE (ICIS)–South Korean refiner S-Oil expects mechanical completion of its petrochemical complex in Ulsan in the first half of 2026, and the company intends to issue Korea won (W) 870bn ($645m) worth of corporate bonds as part of external project funding.

China’s moulding grade PC import prices at multi-week low; pressure remains
By Li Peng Seng 30-Oct-23 12:18 SINGAPORE (ICIS)–Import demand for moulding grade polycarbonate (PC) in China will remain under pressure in the coming weeks as global economic uncertainties deepened amid wars and persistent high inflation and interest rates.