Petrochemicals Closed Loop Film 10-03-2020

Petrochemicals Closed Loop Film

“Shutting down Lombardy entirely for at least 15 days can serve to reduce or block the spread of the virus, experts say. Because for us, 15 or 20 more days with such a frenzied growth of people in the emergency rooms and intensive care units, are impossible , Lombardy is not able and Italy is not able “. The words of the Welfare Councilor Giulio Gallera – in connection with Agorà, on Rai1 – further raise the level of alarm that comes from the epicenter region of the coronavirus epidemic, which now calls for total blockade.
«We had already asked to close all commercial activities – explains Gallera – because if I go out to go to work I can’t stop shopping. But perhaps the time has come to tighten the measures even more ». Gallera then specified that those of basic necessities, such as supermarkets and pharmacies “will always remain open, even if all the rest of the production activities are closed”, therefore “there is no need” to queue.

Petrochemicals Closed Loop Film

Crude Oil Prices Trend 

Crude Oil Prices Trend 

-PM Phuc receives Chinese textile group’s head in Vietnam

The government leader spoke highly of the textile group’s business and production in Vietnam, and added that in his meetings with Chinese leaders, the two sides mentioned Texhong as an example of Chinese firms operating in Vietnam which make important contributions to bilateral relations.

For his part, the Chinese official said the attention paid by the PM, ministries and localities of Vietnam to the company as well as the country’s fight against the COVID-19 epidemic is encouraging the group to move positively toward expanding its investment in Vietnam, with an addition of US$500 million this year.

Petrochemicals Closed Loop Film

-Sartorius signs European Plastics Pact

Use of plastics in the biopharmaceutical industry an essential safety benefit for patients ▪ Targets: Improve use and recycling of plastics and reduce usage of new plastic ▪ Cooperation at the European level

Sartorius, a leading international partner of life science research and the biopharmaceutical industry, is the first company in its sector to sign the European Plastics Pact. The objective of this public-private coalition is to improve use and recycling of plastics and thus to reduce usage of new plastic. Through cross-border cooperation at the European level, the signatories of this Pact aim to develop new techniques and approaches, share knowledge, harmonize guidelines and standards, and reduce current barriers. Petrochemicals Closed Loop Film

Petrochemicals Closed Loop Film

-Mubadala confirms discussions with OMV to sell potential stake in Borealis

The Abu Dhabi investor currently owns 25 per cent of OMV and 64 per cent of Borealis

Mubadala confirmed it is in discussions to sell a potential $4.68 billion (Dh17.18bn) stake in Austria’s Borealis to the European energy company OMV.

“Mubadala can confirm the nature of the discussions with OMV. These discussions are consistent with our strategy of actively managing and diversifying our portfolio,” a spokesman for Mubadala’s petroleum and petrochemicals division told The National in a statement.Petrochemicals Closed Loop Film

Petrochemicals Closed Loop Film

-Carbios signs the European Plastics Pact

Carbios, a French company pioneering new bio-industrial solutions to reinvent the lifecycle of plastic and textile polymers, announced today the signing of the European Plastics Pact on the occasion of its official launch in Brussels on March 6th, 2020.

This Pact forms a European network of companies, States and NGOs who want to join forces to create a true circular economy of plastics that enables all market players to meet, or even exceed, the plastic recycling targets set by the European Union.

This public-private coalition will work, on all levels, to improve the recyclability and reusability of products by incorporating more recycled materials into new products and packaging.Petrochemicals Closed Loop Film

Petrochemicals Closed Loop Film

-Danone ramps up recycled plastics across Evian and Volvic brands

Danone is poised to boost the recycled content of its top selling UK water brands, promising that most Evian plastic bottles will be made from 100 per cent recycled plastic in the UK from next month, as both Evian and Volvic shift towards becoming ‘carbon neutral’ in 2020.

The French food and drinks giant yesterday announced that from April all 75cl and 1.5cl ‘on-the-go’ bottles of Evian water in the UK would be made from 100 per cent recycled PET plastic, excluding the caps and labels, rising from 50 per cent recycled content at present.Petrochemicals Closed Loop Film

Petrochemicals Closed Loop Film

-PX pressured by oil price rout

Crude oil plunged by more than 9% as OPEC+ deal failed Friday. Saudi Arabia announced on Saturday night to slash its official selling price (OSP) for April for all its crude grades to all destinations, which was considered as the start of price war. Brent crude futures slid more than 29% to $31.02/bbl Monday morning as Saudi Arabia vowed to step up production.

In the history of crude oil, the price tumbled during each price war. In 1985, Saudi Arabia, after years of shouldering OPEC production cuts nearly by itself, gave up and launched a price war. Prices collapsed almost 70% between November 1985 and May 1986. The kingdom crashed the market again in 1997, as its patience worn thin by overproduction in Venezuela. Brent crude price plummeted to all-time low of $9.55/bbl in December 1998. In 2014, Saudi Arabia slashed pricing of its crude exports, and oil prices began to decline, due to increasing U.S. production.Petrochemicals Closed Loop Film

PX pressured by oil price rout

-Fortum, BASF, and Nornickel sign cooperation agreement on Li-ion battery recycling

Fortum, BASF, and Nornickel have signed a letter of intent to plan a Li-ion battery recycling cluster in Harjavalta, Finland, serving the electric vehicle market. This would enable a successful “closed loop” cycle to re-use the critical metals present in used batteries.

In March 2019, Fortum announced that it had boosted the Li-ion battery recycling rate to more than 80%. (Earlier post.)Petrochemicals Closed Loop Film

Fortum, BASF, and Nornickel sign cooperation agreement on Li-ion battery recycling

-Oil plunges, price reduction of polyester products has a long way to go

2020 is an unusual year. Sales of polyester products were largely plain in Feb after operation resumed, but actual transactions were scarce. The polyester polymerization rate declined to historic low, below 60%. Operating rate of downstream market rose to 50-60% by early-Mar and that of polymerization rate ascended to above 70%. However, plunging crude oil price greatly impacted the whole industry just when market players expected supply/demand to improve.Petrochemicals Closed Loop Film

The Middle East stock market dropped sharply and commodity prices moved down with the plunge in oil prices as OPEC+ failed to reach an output cut deal. WTI dove around 28% and Brent saw the lowest below $32/b after opening in Asian hours this morning. It is hard to predict the bottom during plunge, and some participants expected oil price to be $20. Price of the whole polyester industrial chain will be affected by the collapsing cost.

Oil plunges, price reduction of polyester products has a long way to go

-Putin dumps OPEC to start a war with America’s shale oil industry

-At 10:16 a.m. on a wet and dreary Friday morning, Russia’s energy minister walked into OPEC’s headquarters in central Vienna knowing his boss was ready to turn the global oil market upside down.

Alexander Novak told his Saudi Arabian counterpart Prince Abdulaziz bin Salman that Russia was unwilling to cut oil production further. The Kremlin had decided that propping up prices as the coronavirus ravaged energy demand would be a gift to the U.S. shale industry. The frackers had added millions of barrels of oil to the global market while Russian companies kept wells idle. Now it was time to squeeze the Americans.

Putin dumps OPEC to start a war with America’s shale oil industry

-Impact of slumping crude oil prices on VSF market

Crude oil futures saw sharp declines last weekend. Both WTI and Brent crude oil futures opened lower by more than 20% in Asian hours this morning, with the lowest point below that of financial crisis during the trading session.

There is no high correlation between crude oil and VSF price trend. It could be seen that VSF price kept falling when crude oil soared to $150/bbl in 2008, while the decline started to slow down and even bounced up when crude oil started to plummet. When crude oil stayed at almost 10-year low in 2016, VSF was rising instead. When VSF started to drop since 2017 and recorded historic low, crude oil remained rangebound during the period and there was even big rebound for several times.Petrochemicals Closed Loop Film

Impact of slumping crude oil prices on VSF market

Petrochemicals Closed Loop Film

Petrochemicals Closed Loop PEF 09-03-2020

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