Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 11 May.

INEOS begins engineering work on Marl cumene plant, FID expected this year
INEOS has taken the next step in the development of a mooted “world-scale” cumene plant in Germany commencing preparatory engineering work and planning for a final investment decision (FID) before the end of the year, the Switzerland-headquartered firm said.

Iran’s 4m/year urea exports to be hit by potential US sanctions
US President Donald Trump’s decision to pull out of the Iran nuclear deal is expected to hit the country’s urea fertilizer exports if sanctions are re-imposed, according to sources.

Europe early May EPS contracts down €40/tonne on feedstock, weaker-than-expected demand
Players in the European expandable polystyrene (EPS) market have agreed early May contracts at a reduction of €40/tonne, in line with the monthly feedstock barge contract drop, sources said.

INEOS admonishes Scottish government over fracking ban u-turn
INEOS Shale is “astonished” at the revelation in Scottish court this week that the UK northern country’s government has claimed that there is no ban on hydraulic fracturing (fracking), the European energy and petrochemicals major said.

Europe PET buyers shocked by highest prices since 2013
Those who are in the market to buy additional polyethylene terephthalate (PET) volumes in Europe are presented with offers far above what they had anticipated, sources said.

Turkish polymers players’ concerns mount after US withdrawal from Iran deal
Turkish polyethylene (PE) and polypropylene (PP) players had hoped this year would be far less complex than the eventful 2017 when various political spats led to subdued price levels, but a slowing economy and global geopolitical developments have put a spanner in the works.