April-price-of-MEG – BASF-Oceanworks 31-03-2022

April-price-of-MEG – BASF-Oceanworks

Crude Oil Prices Trend 

Crude Oil Prices Trend  Polyestertime

-MEGlobal raised the April contract price of MEGs in Asia by USD40 per ton

MEGlobal, the world leader in monoethylene glycol (MEG) and diethylene glycol (DG), has nominated the April meg contract price for Asia at USD930 per tonne, USD40 per tonne higher than the previous month, the company said.

The price was named on the terms of delivery of CFR Asia.

Earlier it was noted that MEGlobal raised the March contract price of MEG for Asia by USD10 per ton compared to the level of February – to USD890 per ton, CFR Asia.

Most Asian market participants said that quotations in the MEG spot market are expected to be supported by higher raw material costs and a reduction in regional material supplies in the near future, although overall demand may weaken the upward market sentiment.  April-price-of-MEG – BASF-Oceanworks

Spot prices of MEG were on March 17 at the level of USD670-677 per ton, CFR CMP (the main ports of China).

MEG, along with terephthalic acid (TPA), is one of the main raw materials for the production of polyethylene terephthalate (PET).

According to the ICIS-MRC Price Review, it is expected that in Russia the shortage of free PET volumes in April will continue, while the price increase will continue. The cost of material for contract customers will also increase next month.

Last week, market participants reported transactions for small batches of granulate at the level of 240,000-260,000 rubles. per ton, CPT Moscow, including VAT.

MEGlobal, headquartered in Dubai (UAE), is a world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DH). Established in July 2004, MEGlobal currently sells more than 2.5 million tons of DH per year worldwide.

DH is used as a raw material for the production of polyester fibers (clothing and other textiles), polyethylene terephthalate (PET), antifreezes and other industrial goods. MEGlobal is a 100% subsidiary of Equate Petrochemical Company.

MEGlobal raised the April contract price of MEGs in Asia by USD40 per ton

-BASF Venture Capital invests in Oceanworks, a sustainable plastic sourcing platform

Startup offers platform for ocean, ocean-bound, and post-consumer-recycled (PCR) plastic sourcing  April-price-of-MEG – BASF-Oceanworks

Recycled plastic traced back to origin via digital blockchain based technology

BASF Venture Capital GmbH (BVC), the corporate venture company of BASF Group, announced today a strategic investment in Oceanworks, a sustainable plastic solutions provider that brings traceability and transparency through digitalization to recycled plastics. Oceanworks is based in the U.S. and offers a powerful platform for brands looking to reliably secure high-quality sources of ocean, ocean-bound, and averted PCR plastic (Post-consumer recycled products are made from recycled plastic and discarded materials.). For BVC this investment underlines BASF’s commitment to developing sustainable solutions to raise the transformation towards a circular economy to a new level.  April-price-of-MEG – BASF-Oceanworks

Plastics are an integral part of everyday life. But too much plastic too often ends up in the sea after its intended use. The responsible handling of plastic waste is therefore critical. One aspect of this is recycling: more and more companies aim for higher recycled content rates in their products and need new trusted sources of recycled plastics.

Oceanworks, with its global marketplace for recycled plastic materials and products offers a sophisticated solution. The young company makes it easy for buyers to source recycled plastics likely to add to the 11 million tons of plastic flowing into the ocean each year. Digitized blockchain-based traceability, material quality assurance, global logistics and marketing support are part of Oceanworks’ offer for its customers and their partners.

BASF Venture Capital’s investment comes as a part of Oceanworks Series Seed financing, enabling the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled ocean plastic. The parties have agreed not to disclose the financial details of the investment.

“Oceanworks’ traceability tools add real value to reducing plastic waste.” said Markus Solibieda, Managing Director of BASF Venture Capital. “With this investment and the collaboration with Oceanworks, we support BASF’s goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics.”

One example of BASF’s commitment to reducing plastic waste in the environment is the Alliance to End Plastic Waste (AEPW). BASF supports the AEPW as a co-founding member since a collaborative effort of companies, governmental and non-governmental organizations as well as civil society is necessary to address the global challenge of mismanaged plastic waste.

“Plastic waste in the environment is a huge global challenge, and no one can tackle this alone. We need many different solutions and actors such as industry, politics and civil society working together. This is one of the reasons why BASF co-founded the Alliance to End Plastic Waste in 2019. To protect our planet’s resources, we need to transform the way we live and do business. Oceanworks is a great addition to achieve our ambitious targets,” said Dr. Martin Kayser, Senior Vice President Corporate Projects at BASF.  April-price-of-MEG – BASF-Oceanworks

April-price-of-MEG - BASF-Oceanworks

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