Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 22 March.

LANXESS’ ARLANXEO stake sale prompted by Aramco buy-out offer – CEO
The sale of LANXESS’ remaining 50% stake ahead of market expectations was prompted by a buy-out offer by joint venture partner Saudi Aramco based on the growth plans of the oil and gas giant for the business , according to CEO Matthias Zachert.

Egypt’s $10bn TPC petchems project to outshine Mideast competitors – Carbon Holdings CPO
Egypt’s planned $10bn Tahrir Petrochemicals Complex (TPC) in the Suez Economic Zone will outshine competitors in the Middle East as its exports to Europe will be more competitive when it starts up in 2023, according to the chief projects officer (CPO) at producer Carbon Holdings.

‘Over-zealous’ Germany energy transition risking industrial competitiveness – Wacker CEO
The increasing operational costs arising from Germany’s transition away from nuclear and coal energy could lead to upheavals in German industry “that no one can or want to imagine”, according to Wacker Chemie CEO Rudolf Staudigl said.

Chems recycling maturity timeline shortening as momentum builds – INEOS director
The popular perception of a 10-year window before chemicals recycling matures may be pessimistic due to the level of industrial and governmental interest, with the technology representing the ultimate solution to the viability of the circular economy, according to INEOS director Tom Crotty.

Europe PET demand needs to improve for sellers to claw back margins in April
The European polyethylene terephthalate (PET) market is quiet but tense as demand in many places lacks the usual momentum and production costs have risen.