Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 17 November.

UK chems industry growth outpaces general industry in 2017 – CIA economist
UK chemicals sector growth has outpaced that of general industry in the country through the first nine months of 2017 as a weak pound and strong demand in Europe continue to buoy the sector despite uncertainty around Brexit, according to the chief economist at trade group Chemical Industries Association (CIA).

INTERACTIVE: Global biodiesel market undergoes ADD shake-up
The global biodiesel market has seen several changes in anti-dumping duties (ADDs) around the world this year, mainly concerning Argentinian and Indonesian biodiesel.

No EU-UK deal on Brexit ‘worst possible’ scenario – chem trade groups
The UK leaving the EU in March 2019 without a deal would be the “worst possible outcome” for the chemical industries of both areas, the trade groups representing them said.

Crude oil at $60/bbl not the ‘new normal’ – IEA
Recent gains in crude oil values, which have put prices at plus $60/bbl, may not last if the factors driving price rises – namely, geopolitical tensions in the Middle East – prove to be temporary, the International Energy Agency (IEA) said.

Some European PE prices below ethylene contract as upstream strong
European high density polyethylene (HDPE) injection spot prices are continuing to slip and low-end levels are moving below the level of the current November ethylene contract, sources said.

Oil demand for petchems to rocket, polymers to suffer overcapacity short-term – IEA
The petrochemical world to come in the next two decades will continue to be dependent on crude oil, with consumption projected to rise by 40% to 16m bbl/day in 2040, while global overcapacities in polymers are to haunt the industry in the short term, according to the petrochemical analyst at the International Energy Agency (IEA).

Zimbabwe coup not expected to have any effect on polymers trade flows
The military coup in Zimbabwe is unlikely to have any negative effect on the African polymers market, according to sources.

Spain’s Cepsa, ADNOC budget $600m for Abu Dhabi’s LAB plant
Cepsa and ADNOC aim to invest around $600m in their paraffins and linear alkyl benzene (LAB) plant in Abu Dhabi, the head of chemicals at the Spanish energy major said.

Brexit uncertainty may deter chemical investment in Europe – Huntsman CEO
Brexit uncertainties could force companies to look outside Europe for future investments, the CEO of US chemical major Huntsman said.

Time is ripe for chemical industry to grasp digitisation – Accenture
The chemical industry is gradually becoming aware of the benefits that digitisation can offer in terms of efficiency and cost savings, but it will take a leap of faith to move from awareness to spending money and being prepared to alter business processes.

Poland’s Grupa Azoty ZAK confident on plasticizers growth as Asia urbanises
Grupa Azoty ZAK is confident about the growth and longevity of plasticizer dioctyl terephthalate (DOTP) as end markets are set to continue growing, especially in Asia, according to an executive at the Polish producer this week.