Here are some international news in the chemical industry:
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Proposed EU Tariff Barriers5: Jim Ratcliffe, the founder of British chemical giant Ineos, warned in a letter to European parliamentarians that European chemical producers are at risk of collapse due to soaring energy costs and green taxes. He emphasized that Europe must impose tariffs on Chinese imports like the US, or else it will end up with nothing. Ratcliffe took Ineos' large ethylene plant in Cologne, Germany as an example, saying that the plant's gas expenditure is 100 million euros more than that of its US counterparts, and its electricity expenditure is 40 million euros more. In addition, the plant also has to pay a carbon tax bill of nearly 100 million euros.
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Feedstock Supply Changes6: The petrochemicals feedstock supply trend in major regions has changed recently. According to the report, while Middle East countries and Canada are facing lower ethane supplies, the US and Brazil have benefited from the discovery of shale gas and pre-salt reserves respectively. In the Middle East, securing new ethane supply contracts has become increasingly difficult due to high demand from existing petrochemical plants and the power sector. Therefore, many planned petrochemical plants in the region are based on naphtha feedstock.
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IMF Warns of Chemical Industry Crisis5: Chemical producers have warned of an impending crisis due to soaring natural gas prices, carbon taxes in the UK and Europe, weak demand and so-called "overcapacity" from China. Earlier this month, The Daily Telegraph reported that British cabinet officials had also received warnings that the domestic chemical industry was being pushed to the brink of collapse, with hundreds of jobs at two British plants at risk. A letter from the Chemical Industries Association, supported by Ineos and other companies, warned that more plant closures are inevitable unless the UK becomes more competitive.
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Change in European Chemical Market Sentiment5: The petrochemical industry in Europe is facing challenges such as high energy costs and carbon taxes. Norway's Yara has mothballed an ammonia plant in Hull, UK, and Dow, a US chemical giant, is also threatening to downsize its plant in Wales. The European Chemical Industry Association has called on the EU to take urgent action to support the industry, saying that the current policy environment is unsustainable for the chemical industry.
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