Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 28 May.

Europe May PE volumes better than expected by month end
Polyethylene (PE) volumes have turned out to be good in May, according to several producers on Friday.

OPEC and non-OPEC producers extend supply pact agreement into 2018 – delegates
OPEC will extend its production-curbing agreement into 2018, according to reports, citing delegates at a meeting of the cartel in Vienna on Thursday.

Europe PE price erosion eases after mid-May sell-off
Price erosion in the polyethylene (PE) market in May is slowing down after a flurry of offers mid-month that brought down some grades by as much as €60/tonne, sources said on Thursday.

INEOS to acquire DONG Energy’s oil & gas business for $1.05bn
INEOS has agreed to acquire the oil and gas business of Danish DONG Energy for $1.05bn, plus a contingent payment of up to $250m, the Switzerland-headquartered producer said on Wednesday.

Europe benzene spot market under downward pressure
The European benzene spot market has seen some lower numbers so far this week amid weaker values in Asia and the US, as well as falling crude oil prices.

Timing was ripe for HuntsmanClariant merger of equals – CEOs
The time was ripe to strike a merger of equals now, with two global specialty chemical companies well into their portfolio transformation plans shedding commoditised assets, with similar goals and valuation multiples, the CEOs of Huntsman and Clariant said on Monday.

US’ Huntsman, Swiss Clariant to merge via all-stock deal
US’ Huntsman and Swiss Clariant have agreed to combine their businesses via an all-stock “merger of equals”, the specialty chemical companies said in a joint statement on Monday.

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