Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 16 February.

INTERACTIVE: World oil demand projected to grow by 1.59m bbl/day – OPEC
World oil demand in 2018 is projected to grow by 1.59m bbl/day to 98.6m bbl/day, on the back of a steady rise in global economic activities and increased vehicles sales in the US, China and India, according to the latest OPEC Monthly Oil Market Report.

Borealis committed to improve plastics recycling rates, but circular economy ‘a dream’ – CEO
Borealis is aiming to improve plastics recyclability by working with designers to achieve better recyclable materials, but a true circular economy where everything is reused comes across as “a dream”, the CEO of the Austrian polymers producer said.

Reach-restricted substances still widespread in European products – ECHA
An investigation into the composition of consumer products in Europe carried out by the European Chemicals Agency (ECHA) revealed that nearly a fifth of items surveyed contained materials that are restricted under Reach legislation, the organisation said.

Crude oil price rises stall as non-OPEC production set to increase – IEA
Crude oil price increases in past months have stalled as non-OPEC producers, mainly the US, continue to pump out product and global supply is likely to outpace demand in 2018, the International Energy Agency (IEA) said.

German prosecutors probe alleged fraud at BASF’s Ludwigshafen hub
A German prosecutors office has opened an investigation into alleged fraud at BASF’s petrochemicals production hub in Ludwigshafen, Germany, officials confirmed.

LyondellBasell to acquire A. Schulman for $2.25bn
LyondellBasell is to acquire plastics compounds producer A. Schulman for $2.25bn, the US chemical major said.

SABIC entrance underpins future strategy, no regrets on Huntsman – Clariant CFO
Clariant’s board has no regrets over the failed merger with Huntsman as the actions of a few shareholders leading to the deal’s downfall did not mean management made the wrong decision at the time, according to the company’s CFO.

Europe toluene spot prices continue downward trend amid softer crude
The European toluene spot market remains under pressure as the price correction started ten days ago continues on the back of decreasing crude oil values, sources said.

EU opens in-depth probe into Linde-Praxair merger
The European Commission has opened an in-depth investigation into the proposed merger between international industrial gases majors Praxair and Linde.