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Issue 7/2018 - Global Chemicals Quick Facts

 Last Update: 2022-11-11
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Global Chemicals Quick Review

U.
S.
ethylene spot prices hit a nine-year low

U.
S.
spot ethylene prices have fallen to their lowest level
in the past nine years as production continues to increase, spurred on by the start-up of new cracking ethane plants, and demand is reduced by unplanned shutdowns of downstream plants.
On March 20, U.
S.
ethylene spot traded at 16.
25 cents/lb ($358/mt), its lowest level since the week of Dec.
12, 2008, when the Great Recession triggered by the financial crisis caused the U.
S.
economy to decline.

U.
S.
ethylene spot prices have been on a downward trend
since January with the eventual resumption of unplanned shutdowns triggered by Hurricane Harvey and a gradual increase in Dow Chemical's new 1.
5 million ton cracker that started production in September 2017.
In early March, Chevron Phillips Chemical Company's new 1.
5 million ton cracker came on stream to further exacerbate the downturn
in the U.
S.
ethylene spot market.

Europe is vigorously promoting plastic recycling

In January, the European Commission launched its first Europe-wide plastic recycling programme
.
Europe's leading plastics production and recycling associations have expressed their support for the initiative
.
The bottom line of the new plan is that the region should use recyclable plastic packaging by the end of 2030, while the European Commission hopes to recycle 55% of plastic packaging waste
by then.
To achieve this, the European Commission will introduce new plastic standards to simplify the recycling process
.
Jyrki Katainen, Vice-President for Jobs, Growth, Investment and Competitiveness of the European Commission, said: "At present, the challenge is that too many different types of plastics are mixed together and difficult to separate or recycle
.
The European Commission will also pay close attention to improving the classification of plastics and the handling
of biological materials.
”

PTT Thailand accelerates the development of lubricants business

Thailand's PTT Lubricants said it will build a new lubricant storage facility for its ASEAN market and will seek to acquire targets to grow
its overseas lubricants business.
PTT Lubricants will build a new lubricant storage facility in Samut Willow Province in central Thailand, which is expected to start commissioning
in the second half of 2019.
Buranin Rattanasombat, Executive Vice President of PTT Lubricants, said: "PTT Lubricants is looking for new assets in lubricant products in a number of countries, with the goal of increasing export sales to 50%
of total sales by the end of 2022.
The company aims to sell 400 million liters of lubricants
in total by 2022.
PTT Lubricants exported 25 million litres of lubricants in 2017, with the main export markets being Asian countries including Myanmar, China and Vietnam, with sales in Myanmar growing the fastest at 10 million litres
.

India will lead the world in adding FCC capacity

Recently, Global Data said that its analysis of the global planned new refinery fluidization catalytic cracking (FCC) unit capacity during 2018~2022 shows that the planned new FCC unit capacity of the Ludnagiri refinery in India is the largest in the world, which will reach 312,000 barrels, followed by the new FCC unit at the Dalushan Island refinery in China and the new FCC unit at the Lagos refinery in Nigeria, with a design capacity of 304,000 barrels and 247,000 barrels, respectively
。 India's Ludnajri refinery, which is expected to be completed and commissioned in 2022 with a total investment of $40 billion, is the operator
of the refinery.
Zhejiang Petrochemical Co.
, Ltd.
is the operator
of China's Dalushan Island refinery, which is expected to be completed and commissioned in 2018 with a total investment of $15 billion.
The Lagos refinery in Nigeria is expected to start production in 2019, and Dangote Group is the operator of the
refinery.

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