Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 19 October.

Spain’s Cepsa IPO on hold amid market turmoil
Cepsa’s planned initial public offering (IPO) has been delayed less than a month after the announcement of the listing as a result of deteriorating market conditions, the Spain-headquartered energy and petrochemicals major said.

Europe cracker margins rise as feedstock costs fall
European ethylene cracker margins have risen week on week on the back of decreases in naphtha and liquefied petroleum gas (LPG) values, ICIS margin analysis showed.

Germany’s exports hit by trade war, sentiment worsens on likelihood of ‘hard Brexit’ – ZEW
Germany’s exports are starting to be negatively affected by the US-China trade war while a disorderly UK exit from the EU continues dampening confidence, the country’s ZEW research institute said.

EU chemicals bodies call for UK to stay in Reach after Brexit talks stall
EU chemicals trade group Cefic and other chemicals industry bodies have made the most public call yet for the UK to remain within the Reach chemicals regulatory system post-Brexit in a series of text and train advertisements across Brussels and the European financial press.

Qatar Petroleum to supply China with LPG over five-year period
Qatar Petroleum has signed a sale and purchase agreement to supply China with 600,000 tonnes of liquefied petroleum gas (LPG) for a period of five years, it said.

EU passenger car demand plummets, ACEA urges Brexit negotiators to avoid ‘no deal’
Registrations of new passenger cars in the EU tumbled in September as the new Worldwide Harmonised Light Vehicle Test Procedure came into effect at the beginning of the month, according to the latest data from the European Automobile Manufacturers’ Association (ACEA).

European R-PET future depends on chemicals recycling – Equipolymers exec
Chemicals recycling is the future of the European plastics industry as it ensures lower costs, higher quality and sustainability, according the commercial director of virgin polyethylene terephthalate (PET) producer Equipolymers.

Rhine water level hits lowest mark on record, still decreasing
Water levels on the river Rhine have hit the lowest mark on record and are likely to continue retracting, according to spokesperson for the Rhine Shipping Authority (WSA).

BASF declares force majeure on acrylate esters at Ludwigshafen on low Rhine levels
BASF has declared force majeure on acrylate esters production at its Ludwigshafen, Germany, facility because of critically low water levels on the River Rhine, the producer said in a letter to customers seen by ICIS.

Rhine, energy costs, demand to weigh on Europe chemicals – JP Morgan
Europe-based chemical companies face significant headwinds as logistics problems caused by the low river Rhine, falling demand in key downstream markets and soaring energy costs impact the sector’s outlook.