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Global Chemicals Quick Review
The trade pattern of the global polyolefin market is changing
The global focus of polyolefin production is changing
due to the shortage of natural gas feedstock in Saudi Arabia, the increasing self-sufficiency of Chinese supplies and the sharp increase in US production capacity stimulated by cheap shale gas.
At the same time, due to the impact of emerging economies entering the consumer-oriented economic stage, the focus of global polyolefin demand is shifting
to emerging economies.
IHS Chemicals expects Asia, Africa and South America to remain the world's leading polyolefin supply shortage regions, while Europe, including CIS countries, will transform into an oversupply region, with a shortage of 1.
9 million tons of polyolefin supply in Europe in 2020 and 2.
1 million tons by 2025
.
Despite the growing shortage of competitively priced ethane feedstocks in the Middle East, the Middle East will remain the world's leading polyolefin exporter due
to the region's ongoing large-scale capacity expansion.
North America will grow into a new polyolefin export region, with the oversupply of polyolefin expanding to 9.
1 million tonnes
by 2025, due to the gradual commissioning of petrochemical projects using large amounts of shale gas as a raw material.
Russian base oil exports are expected to rebound in 2016
Affected by the economic downturn and international trade sanctions, Russia's base oil exports fell by 35% to 940,000 tons in 2010~2015
.
However, industry insiders predict that Russian base oil exports will rebound to 1.
05 million mt
in 2016, driven by lower logistics costs and export tariffs and a calm base oil market.
Base oil exports from Taneco, a subsidiary of oil giant Tatar Petroleum, which has 190,000 mt of Class II and III base oil units
, increased by 30,000 mt in the first half of 2016.
The Yaroslavl plant under the Slavic Oil Company is undergoing a 100,000-ton expansion of Class III base oil, which is scheduled to be completed and put into operation
in 2017.
Other refiners, including Lukoil, Gazprom and Rosneft, will move forward with the modernization of
base oils in 3~5 years.
The European plastics industry is stepping up waste management
According to data on plastic waste management provided by the European Plastics Industry Association, Europe disposed of nearly 26 million tons of post-consumer plastic waste
in 2014.
Of this, about 70% is disposed of through recycling and energy recovery processes, while the remaining 30% goes to landfill
.
Patrick Thomas, CEO of Covestro, president of the association, said: "The European Commission's proposal to encourage Europe's transition to a circular economy provides an opportunity
to accelerate Europe's transition to resource efficiency and competitiveness.
In order to achieve this goal, appropriate waste management and appropriate measures in Europe and globally are needed to tackle plastic waste in the environment
.
At the same time, the association has announced the creation of a new circular economy organization for plastic packaging to work with all parties along the plastics value chain to maximize the value of plastics, contribute to the circular economy, and will ensure the recycling of plastic waste by encouraging innovation
to improve the efficiency of plastic resources.
Big oil will end a two-year investment window
Expectations of higher oil prices have prompted the global energy sector to consider restarting new investments, with most oil companies having postponed or suspended new investments over the past two years due to the ongoing decline in oil prices
.
BP chief executive Dudley said on the sidelines of an oil and currency conference in London, England, that major oil companies are starting to embark on their investment journey
again.
The BP company has already made final investment decisions on a number of new projects this year, with more expected to be approved in 2017
.
Dudley said: "We are reconsidering investing in new projects, but we are still cautious.
Dudley's comments echo the widely shared view among oil executives and government officials that the downturn cycle is nearing its end
.
