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Crude Oil Prices Trend
The coronavirus pandemic has roiled every industry around the globe, but combined with low oil and natural gas prices, will transform the U.S. shale industry, which has been centered in the Permian Basin for the last decade.
Deloitte LLP calls the impact the “great compression” and called on energy companies to respond, recover and thrive.
In a report released last week, the company said operators should first, respond through decapitalization and identifying cost-cutting opportunities to reduce their selling, general and administrative spending. Recovery will entail a new engineering mindset, data analytics and sustainability measures. Adopting digital innovations to completely transform operations may also be required.
To thrive, operators should transform themselves from information technology-driven mindsets to an operationally integrated organization focused on the supply chain and alternative sources of energy and commit to making energy transition a way of business, according to the report.
At a time when financial health is impacted, repurposing units is going to help in sector’s revival Petrochemicals Enzymes Oxodegradable ACN
Hyderabad: As the world faces the Covid-19 crisis, there is an urgent need for antiviral fabrics. Research shows that viruses and bacteria can remain active on textile surfaces for up to two days. Realising this scenario, India’s textile companies have converted the pandemic-induced economic crisis into an opportunity, by coming out with antiviral textiles.
Technical textiles/specialised fabrics are finding their way in the making of masks and personal protection equipment as well as apparels now. This has resulted in several Indian textile companies partnering with overseas antiviral technology companies. Even though this fresh demand may not nullify the Covid impact on the sector, the antiviral fabrics could prove as a saviour in these testing times, giving room for fresh value-added products, says industry.
North American prices for most commodity resins increased in June, as demand rebounded from the impact of the COVID-19 pandemic.
Higher raw material prices also played a role in the hikes, which lifted prices for polyethylene, polypropylene, suspension PVC, solid polystyrene and PET bottle resin.
Regional PE prices moved up 4 cents per pound in June after being flat in May.
The 4-cent June hike essentially negates a 4-cent price drop from April.
Market sources said strong packaging demand during the pandemic helped drive overall PE demand in June. Demand also rose in general with businesses reopening in some parts of the U.S. Petrochemicals Enzymes Oxodegradable ACN
TechnipFMC and Clariant Catalysts announced today that they have entered into a joint development agreement for the demonstration and commercialization of Clariant’s new state-of-the-art AcryloMax® propylene ammoxidation catalyst for the production of acrylonitrile. This new collaboration will bring together Technip Energies’ well-established expertise in fluid bed technologies and process development with Clariant’s longstanding experience and knowledge in the development, manufacturing and supply of catalysts for the petrochemical industry. Petrochemicals Enzymes Oxodegradable ACN
AcryloMax® supports the profitable and efficient production of acrylonitrile, which is an important intermediate in the value chain of plastics and synthetic fibers for the automotive and textile industries.
Euratex, the voice of the European textile and clothing industry, is ready to transform the COVID-19 crisis into an opportunity, and become more digital, sustainable and agile. Endorsed by the last General Assembly, the renewal will be driven by the “strategy for recovery from the COVID-19 era” together with five flagship initiatives in critical areas.
To guide the European textile and clothing sector towards its renaissance, the Euratex General Assembly has re-elected Alberto Paccanelli as president. The General Assembly also appointed Euratex vice-presidents, Jean-François Gribomont, Gregory Marchant, Hadi Karasu and Bodo Bölzle. Petrochemicals Enzymes Oxodegradable ACN
European textiles and clothing companies proved to be essential to managing the pandemic, as a great number converted to or increased the production of PPE. But this strategic role goes beyond the past events, as, without textile materials, no cars, clothes, machines or buildings can be built. “The last months highlighted then the necessity for the whole sector and its value chain to undergo a renewal process and enter the future more competitive and greener. The textile industry is ready for this challenge and developed a recovery strategy,” Euratex said in a press release.
China’s monoethylene glycol (MEG) demand is largely steady amid ample supply, which is likely to get worse with new capacities coming on stream in the second half of the year.
The overall domestic market is weak as support from recent crude gains was being overshadowed by bearish supply-demand fundamentals.
On 28 June, spot MEG prices in east China were assessed at yuan (CNY) 3,495-3,530/tonne, down by 3.4% from early June, ICIS data showed.
Downstream polyester plants have maintained an average run rate of above 85% so far in June, with inventories piling up in the face of weak end-user demand despite producers’ price cuts to boost sales. Petrochemicals Enzymes Oxodegradable ACN
Recent gains in upstream crude markets were fueled by expectations that demand will pick up in line with easing of lockdowns worldwide.
European integrated Ineos will buy BP’s global paraxylene (PX), purified terephthalic acid (PTA) and acetyls businesses for $5bn, a move that will provide it greater scope for expansion and integration into its existing business.Petrochemicals Enzymes Oxodegradable ACN
“This acquisition is a logical development of our existing petrochemicals business, extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry,” said Ineos’ chairman Jim Ratcliffe. The firm will buy the BP assets through its wholly-owned Ineos Styrolution.
Polyethylene (PE) prices in China firmed by $10-40/t in the past week on reduced availability of spot cargoes from local producers and Iranian sellers.
Four vessels with Iranian origin PE, which were due to arrive at the end of May, have been delayed and are now expected to reach China in early July. There were no details available on the volume of these shipments. Petrochemicals Enzymes Oxodegradable ACN
The delay of over a month is one of the factors that has caused tightness in PE imports in China. Iran is the largest exporter of high density polyethylene (HDPE) and low-density polyethylene (LDPE) to China.
Dow says it expects a USD350-million headwind to second-quarter EBITDA, mostly due to a slower-than-expected demand recovery in the automotive and consumer durables end markets, reported Chemweek. Petrochemicals Enzymes Oxodegradable ACN
The demand decline will particularly impact Dow’s polyurethanes business, where second-quarter demand is expected to decline by about 25–30% year on year (YOY). Dow had previously expected a 15–20% YOY demand decline for polyurethanes in the second quarter.
About two-thirds of the EBITDA impact “can be attributed to the delayed and slower recovery in the automotive, construction, appliance, and furniture sectors,” Dow president and CFO Howard Ungerleider said in a virtual conference presentation this morning. The rest “is being driven by margin pressure due to lower demand, which is negatively impacting pricing power, along with MEG softness,” he added.
Naphtha output is forecast to stay tight into 2021 as destruction of fuel demand caused by COVID-19 curbs refinery throughput and caps supply of the dominant feedstock for ethylene production, according to Premasish Das, executive director at IHS Markit, said Chemweek. Petrochemicals Enzymes Oxodegradable ACN
About 75% of naphtha, the feedstock for more than 40% of ethylene produced worldwide, comes from refineries. But “refineries do not run based on how much naphtha they want to produce. They run based on how much other key refined products they need to produce,” says Das, speaking today at IHS Markit’s Asia NGLs and Naphtha Conference Online.
The pandemic slashed worldwide demand for refined products including gasoline, jet fuel, and fuel oil by nearly 18 million b/d, prompting refiners to cut throughput by 15-16% in April alone. Some have continued to idle plants or extend scheduled maintenance works, Das says. Gasoline is the most impacted refined product in volume terms and with direct blending accounting for about 30% of global light naphtha demand, the lower blending demand outlook for the second and third quarters of this year has a direct impact on naphtha, he says.
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