Brexit and the impact on the petrochemical industry

The UK decided to leave the EU following the referendum that took place on 23 June 2016. The formal process of leaving started on 29 March 2017 with the UK triggering Article 50.

An impact of the “Brexit” decision was seen immediately after the referendum result with sterling falling to a 31-year low against the dollar. But the longer term implications on the energy, chemical and fertilizer industries will not be known until negotiations get underway and a new deal agreed with the EU as well as potential trade deals with the wider world.

ICIS followed the lead up to the referendum and the aftermath of the vote and is now providing coverage of the developing situation as the process of the UK leaving the EU starts.

In July 2017, the UK’s government published a Repeal Bill to ensure as far as possible the same rules and laws will apply in the country on the day the UK leaves the EU.

In practice, it is a translation of all EU-related regulations into UK law in order to provide business and consumers regulatory stability, as more than 12,000 regulations in force in the UK are EU-related.

ICIS graphics and news output help readers assess the situation as it develops across multiple products.

 

News Service

News Service

Want to ensure you gain the latest market-moving news as it happens?

Our 24/7 news service keeps you informed of market developments, industry players, activities and production changes as they happen. So you can respond quickly to events, to minimise risk and seize new opportunities for your business

Request a free trial of ICIS News

ICIS market insight: UK plastics producers face critical Brexit challenges

ICIS market insight: UK plastics producers face critical Brexit challenges

UK polyethylene price volatility might have been expected post the Brexit referendum. The value of sterling plunged once the outcome was known. And the pound has been volatile since.

This insight piece put together by leading ICIS editors Nigel Davis and Linda Naylor, who presented at a British Plastics Federation (BPF) Brexit conference, discusses the recent differential between the UK and EU polymer prices, and highlights the areas of uncertainty facing the plastics industry before the divorce settlement with the EU is agreed.

Market Insight: Chemicals production growing in Europe but Brexit uncertainties weigh heavy

Market Insight: Chemicals production growing in Europe but Brexit uncertainties weigh heavy

In this insight Nigel Davis, ICIS Insight editor, reviews Europe’s economic performance in spite of uncertainties surrounding how Britain will exit the European Union which weighs heavily on the markets.

ICIS market insight: ‘Pragmatic Brexit' a step closer after UK election result

ICIS market insight: ‘Pragmatic Brexit' a step closer after UK election result

With the recent general election in the UK stoking uncertainty about negotiations between the UK and the EU, Steve Elliott, CEO of the UK’s Chemical Industries Association (CIA), discusses the need for a “pragmatic Brexit” with ICIS’s Jonathan Lopez and considers the options for Brexit and what it means for the UK’s petrochemical industry.

Latest infographic

Brexit Infographic

The vote in favour of the UK leaving the European Union delivered a blow to business and to an industrial sector overwhelmingly supportive of the ‘Remain’ camp. The data from ICIS Consulting shows what proportion of the EU’s major petrochemical assets are in the UK.

They also illustrate the latest trade flows for the major olefins, aromatics, 12 major polymers and 21 intermediates.

 

Latest News on Brexit

Europe top stories: weekly summary

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 13 April. Key petchem end markets most affected by US-China... Mon, 16 Apr 2018

UK's post-Brexit chems industry rules should remain ‘in lockstep’ with EU - CBI

LONDON (ICIS)--There is little appetite among UK businesses for a “bonfire of regulations” post-Brexit, and deviation from EU chemicals legislation... Thu, 12 Apr 2018

Free port status for UK’s northeast chemicals hub could mitigate Brexit damage - MP

LONDON (ICIS)--Achieving free economic zone status for the main port in Teesside, UK, could help cushion the chemical industry in the event of any... Thu, 05 Apr 2018

Optimism reigns at the AFPM's IPC but risks put into focus

The US petrochemical sector is booming. This year’s International Petrochemical Conference (IPC) hosted by the American Fuel & Petrochemical... Wed, 28 Mar 2018

EU auto group warns lawmakers to heed ‘disastrous’ Brexit consequences

LONDON (ICIS)--EU policymakers should be aware of logistic and environmental compliance issues for the automotive sector around Brexit that could... Mon, 19 Mar 2018

Protectionist measures to backfire, EU should lead free trade push - Wacker chief

MUNICH, Germany (ICIS)--Wacker Chemie’s CEO on Tuesday made an emphatic defence of global free trade following the US President’s tariffs imposed on... Tue, 13 Mar 2018

Reach progress underplayed as ECHA focuses on negatives - Cefic DG

BRUSSELS (ICIS)--The money that EU chems have spent in complying with Reach regulation has been worthwhile but companies feel the regulator ECHA... Mon, 05 Mar 2018

BASF to digest acquisitions

BASF’s acquisition spree in recent years will keep the company busy integrating the new businesses and will not continue seeking mergers and... Thu, 01 Mar 2018

UK's unclear road to Brexit makes industry investments ever harder - BASF CFO

LUDWIGSHAFEN, Germany (ICIS)--The UK government's “unclear” negotiating position on Brexit, nearly two years after the country voted to leave the EU,... Wed, 28 Feb 2018

Frictionless trade a priority for UK chems industry in EU exit terms - CIA

LONDON (ICIS)--Frictionless trade with the EU must be a priority in the terms of the UK’s exit from the bloc if the chemicals industry is to continue... Wed, 28 Feb 2018