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Crude Oil19-Mar-2024
SINGAPORE (ICIS)–The global energy transition
is failing and the “fantasy” of phasing out oil
and gas should be abandoned as demand for
fossil fuels will continue growing, Aramco
President and CEO Amin Nasser said on 18 March.
“In the real world, the current transition
strategy is visibly failing on most fronts as
it collides with five hard realities,” Nasser
said at the CERAWeek 2024 energy conference in
the US.
These include the need to reset global efforts
to meet climate ambitions, the limited
scalability of alternatives, the high costs of
green energy alternatives, the needs of
developing nations and the potential to further
reduce emissions from traditional hydrocarbons,
Nasser said.
“We should abandon the fantasy of phasing out
oil and gas and instead invest in them
adequately, reflecting realistic demand
assumptions,” said the CEO of the Saudi
Arabia-headquartered energy and chemical
company.
“We should ramp up our efforts to reduce carbon
emissions, aggressively improve efficiency and
introduce lower carbon solutions,” Nasser
added.
New energy sources and technologies should
enter the market only when commercially viable,
cost-competitive and supported by adequate
infrastructure, Nasser said.
Despite ongoing energy transition efforts,
hydrocarbons still dominate the global energy
mix, with their share declining only marginally
from 83% to 80% in the 21st century, Nasser
noted.
Peak oil and gas demand is also “unlikely for
some time to come”, with crude demand expected
to reach an all-time high in the second half of
this year, he said.
The International Energy Agency (IEA) said in
an October 2023 report that global demand for
oil, coal and natural gas is set to peak by
2030.
Likewise, gas remains a mainstay of global
energy, growing by about almost 70% since the
start of the 21st century, Nasser noted.
“Despite the world investing more than $9.5tr
on energy transition over the past two decades,
alternatives have been unable to displace
hydrocarbons at scale.”
The current energy transition is neglecting the
needs of consumers who rely on affordable and
dependable energy sources, Nasser said.
“Unfortunately, the current transition strategy
overlooks these broader messages from
consumers. It focuses almost exclusively on
replacing hydrocarbons with alternatives, more
on sources than on reducing emissions.”
Focus article by Nurluqman
Suratman
Acrylonitrile18-Mar-2024
HOUSTON (ICIS)–The administration of US
President Joe Biden is proposing a wave of
regulations before its term ends in 2025, many
of which will increase costs for chemical
companies in the US and persist even if the
nation elects a new president later this year.
The prospect of such consequential policies
comes as delegates head into this year’s
International Petrochemical Conference (IPC),
hosted by the American Fuel & Petrochemical
Manufacturers (AFPM).
Changes to the Clean Waters Act, the Risk
Management Program (RMP) and the Hazard
Communication Standard are among the most
consequential policies being considered by US
regulators.
Electric vehicles (EVs) could receive more
support from federal and state governments.
This would increase demand for plastics used in
EVs while discouraging refiners from making
further investments, which could limit US
production of benzene, toluene and mixed
xylenes (MX).
The failure of Congress to re-authorize the
nation’s chemical site security program could
spell its end.
REGULATORY PUSH DURING ELECTION
YEARSuch a regulatory push by
the Biden administration
was flagged last year by the Alliance for
Chemical Distribution (ACD), the new name for
the National Association of Chemical
Distributors (NACD). The group was not crying
wolf.
The next nine months could rank among the worst
for the chemical industry in terms of
regulatory change and potential issues, said
Eric Byer, president of the ACD. “Whatever it’s
going to be, it will come done fairly
aggressively.”
The Biden administration has proposed several
consequential policies.
For the Clean Water Act, the Environmental
Protection Agency (EPA)
is developing new requirements, which
will require chemical producers and other
companies to develop plans to address the
worst possible discharge from their plants.
The ACD warned that the new requirement
would raise compliance costs while doing
little to reduce the already small number of
discharges by plants. The final rule is
scheduled to be published in April 2024.
For the RMP, changes could require chemical
companies
to share information that has been off
limits since the 9/11 terrorist attacks,
according to the American Chemistry Council
(ACC). The concern is that the information
will fall into the wrong hands, while
significantly increasing costs to comply with
the new requirements, according to the ACD.
The Occupational Safety and Health
Administration (OSHA) is introducing changes to
its Hazard Communication Standard that could
create more burdens for companies.
The ACD warned that some of the changes
will increase costs without providing a
commensurate improvement in safety.
The EPA has
started the multiyear process that, under
the regulator’s current whole-chemical
approach, will lead to restrictions imposed
on vinyl chloride monomer (VCM),
acrylonitrile (ACN) and aniline, a chemical
used to make methylene diphenyl diisocyanate
(MDI). This is being done through the
nation’s main chemical safety program, known
as the Toxic Substances Control Act (TSCA).
MORE POLICIES PROPOSED FOR
EVsThe Biden administration is
proposing additional polices to encourage the
adoption of EVs.
For chemical producers, more EVs would increase
demand for plastics, resins and thermal
management fluids that are designed to meet the
material challenges of these automobiles.
At the same time, the push towards EVs could
limit sales of automobiles powered by internal
combustion engines (ICEs), lowering demand for
gasoline and diesel. Refiners could decide to
shut down and repurpose their complexes if they
expect demand for their main products will stop
growing or decline. That would lower production
of aromatics and other refinery chemicals and
refined products.
The Biden administration is moving on three
fronts to encourage EV sales.
The EPA
is expected to decide if California can
adopt its Advanced Clean Car II (ACC II),
which would phase out the sale of ICE-based
vehicles to 2035. If the EPA grants
California’s request, that would trigger
similar programs in several other states.
The EPA’s
light-duty vehicle proposal would impose
stricter standards on tail pipe emissions.
The US Department of Transportation (DOT)
is proposing stricter efficiency
standards under its Corporate Average
Fuel Economy (CAFE) program.
The AFPM
opposes these measures. It said the EPA’s
light-duty vehicle proposal and DOT’s new CAFE
standards are so demanding, it would force
automobile companies to produce a lot more EVs,
plug-in hybrids and fuel-cell vehicles to meet
the more ambitious requirements.
LAX OVERSIGHT OF SHIPPING RATES IN WAKE
OF HOUTHISThe ACD raised
concerns that the US is not doing enough to
address the possibility that shipping rates and
delays have increased beyond what could be
justified by the disruptions caused by the
drought in Panama and by the Houthi attacks on
vessels passing through the Red Sea to the Suez
Canal.
The ACD accepts that costs will rise, but it
expressed concerns that shipping companies
could be taking advantage of the situation by
charging excessive rates on routes unaffected
by the disruptions.
These include routes from India and China to
the western coast of the US, Byer said. “Why
are you jacking up the price two or threefold?”
LABOR NEGOTIATIONS FOR US EAST
COASTThe work contract will
expire this year for dockworkers and ports
along the East Coast of the US. Byer warned of
a possible strike if the talks become too
contentious.
On the West Coast, dockworkers and ports
reached an agreement on a six-year work
contract.
CFATS ON LIFE
SUPPORTByer expressed concerns
about the future of the main chemical-site
security program, called the Chemical Facility
Anti-Terrorism Standards (CFATS).
CFATS is overseen by the Cybersecurity &
Infrastructure Security Agency (CISA), which is
under the Department of Homeland Security
(DHS).
CISA lost authority to implement CFATS on 28
July 2023, when a bill that would have
re-authorized it was blocked from going to a
vote in the Senate.
Without CFATS, other federal and state agencies
could create their own chemical-site security
regulations.
This process has already started in the US
state of Nebraska, where
State Senator Eliot Bostar
introduced LB1048.
Other nearby states in the plains could
introduce similar bills, because they tend to
follow each other’s lead, Byer said. Many of
these state legislatures should wrap up
sessions in the next couple of months, so
lawmakers still have time to propose
chemical-site security bills.
The ACD is most concerned about larger states
creating chemical-site security programs, such
as California, Illinois, New Jersey and New
York.
SENATE RAIL BILL REMAINS
PENDINGA
Senate rail safety bill has been pending
for more than a year after a bipartisan group
of legislators introduced it following the
train derailment in East Palestine, Ohio.
Congress has about 10 months to approve the
bill before it lapses, Byer said. For bills in
general, action during an election year could
happen around the Memorial Day holiday in May,
the 4 July recess, the August recess or before
the end of September. After September,
legislators will be focused on campaigning for
the 5 November election.
TEXAS BRINGS BACK TAX BREAKS FOR
INDUSTRIAL PROJECTSTexas has
revived a program that granted tax breaks to
new chemical plants and other large industrial
projects.
The new program is called the Texas Jobs
and Security Act, and it replaced the lapsed
Chapter 313 School Value Limitation Agreement.
The old program was popular with chemical
companies, and their applications were among
the first public disclosures of their expansion
plans.
The new program has already attracted
applicants. Summit Next Gen is considering a
plant that would convert 450 million gal/year
of ethanol into 256 million gal/year of
sustainable aviation fuel (SAF).
Hosted by the AFPM, the IPC
takes place on March 24-26.
Insight article by Al
Greenwood
Thumbnail shows a federal building. Image
by Lucky-photographer
Crude Oil18-Mar-2024
LONDON (ICIS)– A brightening demand outlook
and tighter oil supply could support benchmark
crude prices this week.
However, investors will be closely watching
central bank meeting across the globe for clues
to future monetary policy.
ICIS look at the likely factors that will drive
oil prices in Week 12.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Petrochemicals18-Mar-2024
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which suggests Western automakers are in a race
to catch up as China competition grows.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author and do not necessarily represent those
of ICIS. Paul Hodges is the chairman of
consultants New
Normal Consulting.
Ethylene18-Mar-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 15 March.
US CPI inflation
‘sticky’ at 3.2%, may delay Fed rate cuts –
ICIS economist
US inflation, as measured by the consumer
prices index (CPI), rose 0.4% month on month in
February, leaving it up 3.2% year on year, the
Bureau of Labor Statistics (BLS) reported on
Tuesday.
LyondellBasell
sees signs of modest improvement in Q1 –
CEO
LyondellBasell is seeing some indications of
modest improvement in its businesses,
particularly in North America and Europe, with
packaging being the strongest end market, its
CEO said on Wednesday.
US Trinseo seeks
to sell stake in AmSty
Trinseo has started the process to sell its 50%
stake in Americas Styrenics (AmSty), the
US-based engineered materials producer said on
Wednesday.
US outage to
boost March Asia-Atlantic spot acetic acid, VAM
trades
Asia-Atlantic spot trades for acetic acid and
vinyl acetate monomer (VAM) are expected to
increase after supply gaps in the US and Europe
emerged following an unexpected plant outage in
the US.
Potential for oil
market deficit in 2024 as demand expectations
grow – IEA
Higher oil demand expectations and fresh
production cuts from the OPEC+ alliance could
push the 2024 crude market balance from a
surplus to a slight deficit if the voluntary
reductions remain in place for the rest of the
year, according to the International Energy
Agency.
INSIGHT: US
aromatics, refining output recedes as peak oil
approaches
Peak oil demand in the US could lead to a
further decline in refining capacity, which
will tighten supplies of benzene, toluene and
xylenes (BTX) for downstream chemical
producers.
Unipar expects
hardship in Argentina but Brazil PVC demand
should recover
Unipar’s operations in Argentina are set to
face pressure from the current recession but a
bright spot could appear in higher civil
engineering activity in Brazil, propping up
demand for polyvinyl chloride (PVC), the
Brazilian chemicals producer said on Friday.
Gas18-Mar-2024
LONDON (ICIS)–Ukraine’s five-year gas
transit contract expires at the end of the
year, raising questions over whether it may be
extended or scrapped.
Although Ukrainian officials insist they
would not negotiate with Russia as long as it
continues its military aggression, some
European companies which hold long-term
contracts with Gazprom would like to continue
offtaking the gas.
ICIS responds to questions that are
currently asked by traders as they seek to
forecast their market positions beyond
2024.
1. When does Ukraine’s Russian gas transit
contract expire?
At 06.00am CET on 1 January 2025.
2. Will it be renewed?
It’s unlikely Ukraine and Russia would enter
direct talks for a possible extension or
renewal of the existing five-year contract.
Opening negotiations with Gazprom would be
politically sensitive in Ukraine as long as
Russia continues its military aggression.
Nevertheless, there is pressure from central
European companies which hold either long-term
supply or transit contracts with Gazprom to
continue Russian shipments.
Ukrainian officials indicated the possibility
of allowing companies to take the gas
themselves at Sudzha on the Ukrainian-Russian
border point.
Even so, the capacity can only be offered if an
interconnection agreement is signed by gas grid
operators for the Sudzha point on the
Ukrainian-Russian border.
3. How much capacity could GTSOU make
available?
The daily technical capacity at the Sudzha
border point is 244 milion cubic meters (mcm).
The existing interconnection agreement
stipulates that 87mcm can be booked daily on a
firm basis.
Gazprom has booked 72mcm/day under the expiring
five-year contract but uses only 42mcm/day
currently.
In the absence of a renewed contract after
2024, European companies looking to extend
imports may be able to book capacity on a spot
basis as part of annual, quarterly, monthly or
daily auctions. Companies could start booking
annual capacity as early as 1 July 2024 but
only subject to a new interconnection
agreement.
4. Is there an indication how much capacity
could be booked?
No. The minimal level where it is commercially
viable for the gas transmission system
operator, GTSOU, to provide transit services
could be around 10 billion cubic meters
(bcm)/year.
Although the current transit contract is for
40bcm/year, it is unlikely similar levels would
be booked, considering that some countries such
as Austria are working to diversify away.
5. What are the risks of booking capacity and
transiting gas via Ukraine?
Risks are primarily linked to costs. Current
transmission tariffs will expire at the end of
the year and will have to be recalculated to
reflect the new conditions following the expiry
of the current transit agreement.
The cost of transit will reflect the level of
interest in capacity bookings. However, it’s
difficult to gauge interest since the first
auctions for annual capacity are not held until
July and so far there is no indication that
there would be an interconnection agreement.
GTSOU and the regulator NERC are currently
working on the new tariffs, reportedly using a
no transit scenario.
6. How about war-related risk?
Russia has refrained from attacking the gas
infrastructure since it started its full-scale
invasion of Ukraine in February 2022.
Ukraine benefits from a vast network of
pipelines, which would allow the rerouting of
gas in case of attacks or accidents.
7. The Ukrainian gas network code says
companies cannot book capacity with the grid
operator if they have overdue debt. Considering
that Gazprom is paying less than it is expected
under its ship-or-pay contract, would this debt
prevent it from renewing the transit?
No, the contractual arrangements are between
Gazprom and the Ukrainian incumbent Naftogaz,
which books the capacity on behalf of Gazprom.
Naftogaz initiated arbitration proceedings
against Gazprom for paying less than
contractually required. Gazprom owes Naftogaz
$1.4bn for underdeliveries and sources close to
GTSOU say no capacity should be allocated
unless the Russian producer repays the debt.
Under contractual arrangements, Gazprom was
expected to ship 65bcm/year in the first year
of transit in 2020 and 40bcm/year for the
remaining four.
However, in May 2022, GTSOU called force
majeure amid fears gas entering via one of the
two points that had been used for transit was
diverted to Russian controlled territories.
Gazprom closed the valve at the Sokhranivka
interconnection point and GTSOU offered to
reroute all flows via Sudzha.
Gazprom refused and reduced the amount of gas
it was supposed to ship to Europe. For the last
two years, flows entering Ukraine at Sudzha
have hovered around 42mcm/day, compared to
109.6mcm/day, which Gazprom had booked to
transit via Sudzha and Sokhranivka.
8. Can the Ukrainian transmission system
operate if there is no transit?
Yes. The Ukrainian gas transmission system was
initially built to operate from west to east as
gas was supplied from the western parts of
Ukraine to Moscow in the late 1960s. Flows were
later reversed in the 1970s and the system has
since then been used as the main transit route
for Russian gas to Europe.
Ukrainian stakeholders were preparing to work
without transit even before the expiry of the
previous contract in 2019.
Domestic supplies are decoupled from transit
and flows can be reversed from west to east.
9. Will storage injections and short-haul be
affected if there is no transit?
Many companies have been relying on short-haul
to inject gas in storage. This meant that
rather than physically moving the transit gas
to EU countries and then reversing it into
Ukrainian underground facilities, it was
directly sent into storage.
If there is no transit, the grid operators will
have to provide physical reverse capacity.
The total physical capacity on Ukraine’s
borders with Hungary, Poland and Slovakia is
54mcm/day but there are plans to expand it
further.
GTSOU and the storage operator UTG have
repeatedly invited companies to start injecting
volumes earlier in the season to avoid
congestion at the end of summer.
10. Who will be affected if there is no transit
after 2024?
On a scale of least to worst affected, Ukraine
would arguably rank at the lower end and the
Transnistria, an unrecognised separatist
province of Moldova, at the higher end. In
between there are Russia and the EU countries
that continue to hold import or transit
contracts.
Ukraine will lose its transit revenue which
stood at $800m last year and represented 0.46%
of Ukrainian GDP. The money was mostly used to
pay for essential operating costs and offset
expenses involved.
In case there is no transit it will have to
find other sources of revenue, including
importing gas in reverse via the Trans-Balkan
pipeline and decommission a large part of its
transmission system.
Russia depends on Ukraine and Turkey to retain
minimal market share and rebuild a stream of
revenue which plunged more than 60% from
€47.5bn in 2022.
EU buyers such as Austria’s OMV, Hungary’s MVM
and Slovakia’s SPP whose longer-term contracts
expire in the upcoming years have already
indicated an intention to diversify away.
Slovakia’s gas grid operator Eustream has a
ship-or-pay agreement with Gazprom which ends
in 2028. Russia has historically relied on
Ukraine and Slovakia to transit gas. If there
is no transit via Ukraine, Gazprom may no
longer see a point in paying for booked Slovak
capacity.
Even though transit flows are currently a
fraction of those contracted, Slovakia expects
to be paid in full for the remaining four
years. This means Eustream is one of the most
interested parties in the renewal of the
Ukrainian transit contract.
Finally, Transnistria continues to import
2bcm/year. Unlike Moldova, which has been able
to secure volumes on European hubs,
Transnistria is reliant on Russia for heavily
subsidised gas deliveries. Diversifying away
would mean paying for gas at market prices.
Speciality Chemicals18-Mar-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 15 March.
Europe ethylene and
propylene sentiment cautiously optimistic for
remainder of H1
Given the better-than-expected demand
conditions, with improved sales volumes and
higher prices lifting many out of the mire that
was 2023, the question on everyone’s lips is
how long can we expect this state of affairs to
last.
Potential for oil market deficit in 2024 as
demand expectations grow – IEA
Higher oil demand expectations and fresh
production cuts from the OPEC+ alliance could
push the 2024 crude market balance from a
surplus to a slight deficit if the voluntary
reductions remain in place for the rest of the
year, according to the International Energy
Agency.
Surging PET bottle bale
prices threaten to ‘destroy’ Europe’s R-PET
market
Feedstock bale prices hit €930/tonne ex-works
in Poland on Monday, prompting recycled PET
participants to suggest such price levels
threaten to destroy the R-PET market as they
fear a repeat of 2022’s disastrous price
volatility.
Europe acetic acid, VAM
contract talks for March focus on supply
disruption
March negotiations are underway for European
acetic acid and vinyl acetate monomer (VAM)
contract pricing with security of supply a key
influence on negotiations amid LyondellBasell’s
force majeure in the US and other disruptions
to global trade flows.
Caution caps optimism as
peak season arrives for Europe styrene
market
Spot activity in the Europe styrene market was
moderate in the week ended 8 March, as players
attended a key industry event, while cautious
and conservative sentiment persisted alongside
crosswinds from ongoing demand weakness and
thin liquidity, high feedstock costs and
reduced availability. Participants pointed to
only slight improvements in demand and market
optimism from levels seen in 2023.
Europe cracker margins up
on firmer ethylene, co-products
pricing
Cracker margins in Europe rose in the week on
the back of firmer ethylene and co-product
pricing, ICIS Margin Analysis showed on Monday.
Crude Oil18-Mar-2024
SINGAPORE (ICIS)–Singapore’s petrochemical
exports in February fell by 1.8% year on year
to Singapore dollar (S$) 1.06bn ($791m) ,
reversing the 8.7% expansion in the preceding
month, official data showed on Monday.
The country’s overall non-oil domestic exports
(NODX) slipped by 0.1% year on year to S$13.0bn
in February, reversing the 16.7% expansion in
the previous month, Enterprise Singapore data
showed.
Non-electronic NODX, which includes
petrochemicals and pharmaceuticals, fell by
1.5% year on year to S$10.1bn in February, in
sharp contrast with the 21.1% increase posted
in January.
Overall NODX to seven out of Singapore’s top 10
markets fell in February, but shipments to Hong
Kong, US and Indonesia rose.
Source:
Enterprise Singapore
Singapore is a major manufacturer and exporter
of petrochemicals in southeast Asia. Its
petrochemicals hub Jurong Island houses more
than 100 global chemical firms, including
energy majors ExxonMobil and Shell.
EXTERNAL HEADWINDS WEIGH ON
MANUFACTURING
The weaker trade data for February follows the
drop in Singapore’s manufacturing purchasing
managers’ index (PMI), which eased to 50.6 from
50.7 in January.
The lower PMI reading was partly due to the
Lunar New Year holidays in February, according
to the Singapore Institute of Purchasing and
Materials Management (SIPMM).
A year-on-year recovery in Singapore’s
manufacturing sector will be partly due to a
low-base effect this year, given the downturn
in 2023, according to UOB Global Economics
& Markets Research.
However, the month-on-month momentum could
remain fundamentally weak in the first half of
2024 as external demand continues to be weighed
down by global headwinds, it said in a note
earlier this month.
Tight financial conditions stemming from an
elevated interest rate environment in the US
and EU, and ongoing stresses in the property
sector in China continue to dampen consumer and
business sentiment.
“Towards the middle of 2024, signs of a broader
recovery in manufacturing could emerge as
central banks in major advanced economies may
begin to lower policy rates as inflation in
their respective economies moderate and inch
closer to the 2% objective, with the consequent
easing of financial conditions supporting
consumption and investment activity, implying a
gradual recovery in external demand,” UOB said.
Focus article by Nurluqman
Suratman
($1 = S$1.34)
Thumbnail image: A view of Brani terminal
port in Singapore, 22 November 2023. (HOW HWEE
YOUNG/EPA-EFE/Shutterstock)
Polyethylene18-Mar-2024
SINGAPORE (ICIS)–Click here to see the
latest blog post on Asian Chemical Connections
by John Richardson: In the third of series on
China’s increasing petrochemicals
self-sufficiency, I examine scenarios for the
country’s linear-low density polyethylene
(LLDPE) net imports in 2024-2030.
The ICIS Base Case sees China’s LLDPE demand
growth averaging 4% a year in 2024-2030 with
the average annual operating rate at 73%. This
would leave net imports at a healthy annual
average of 6.5m tonnes. Last year, net imports
were 5.9m tonnes.
Demand growth at just 4% would compare with
actual average annual demand growth of 13% in
1992-2023 and an operating rate of 91%. But I
believe that because of China’s demographic and
debt challenges, its petrochemicals demand
growth is likely to fall to 1-3% per year.
For argument’s sake, let’s assume 1.5% growth
for LLDPE in 2023-2040, the middle of this
range. Let’s also assume that China runs its
plants at an annual average of 83% while adding
4.4m tonnes/year of unconfirmed capacity as
part of its self-sufficiency drive. Under this
Downside 1 Scenario, average annual net imports
would fall to 1.8m tonnes.
Downside Scenario 2 again sees demand growth
averaging 1.5% per year and 4.4m tonnes/year of
unconfirmed capacity coming onstream, but the
operating rate averaging 91% a year – the same
as the historic average. Net imports would fall
to an annual average of just 300,000 tonnes.
Under the two Downsides, China would remain in
big net import positions in 2024-2026 before
reaching close to balanced positions in
2027-2028 and then small net exports in the
remaining two years of the decade.
There are some people out there who argue that
this is just another cyclical downturn, albeit
an extended one. The ICIS data consistently
suggests otherwise.
I believe we are instead seeing a radical shift
in how our industry behaves. This means an
equally radical shift in business models to a
greater focus on the end-users of
petrochemicals, on sustainability and on growth
opportunities in the developing world outside
China.
For details on the practical and detailed
implications for your company, contact me at
john.richardson@icis.com.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author, and do not necessarily represent those
of ICIS.
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