Egypt’s parliament on Tuesday gave the green light to a law introducing incentives for the production of green hydrogen and its derivatives as the country seeks to become a major producer and exporter of the clean fuel.
The law seeks to endorse incentives, exemptions, and guarantees to retain existing investors who have committed to green hydrogen production and its derivatives through memorandums of understanding and framework agreements. Plastic Waste
Do you know we have a daily hydrogen newsletter? Subscribe here for free!
The nation has secured 29 Memorandums of Understanding (MoUs) for green hydrogen. Among these, following the hosting of COP27 in 2022, nine framework agreements have been signed for green hydrogen projects within the Suez Canal Economic Zone (SCZone), totalling investments amounting to USD 85 billion (EUR 77.58bn).
The goal is to establish an appealing investment environment that empowers these investors to accelerate the execution of their projects within Egypt, with the goal of positioning the country as a global hub for green hydrogen. Plastic Waste
Following weak downstream demand in 2023, European Ethylene prices may continue to fall in Q1 2024
The European Ethylene market is poised to conclude 2023 with a stronger sentiment, driven by increasing upstream values. However, market players report limited demand for Ethylene from the downstream polyEthylene and Ethylene oxide industry across the regional market due to a weak buying appetite among consumers. This limitation, however, has not been sufficient to drive Ethylene price realizations lower.
Throughout 2023, EU countries faced substantial challenges, including firm inflation, rising interest rates by the central bank, economic slowdown, elevated natural gas, and electricity prices against the backdrop of the energy crisis resulting from the Russia-Ukraine war. Plastic Waste
This crisis has impacted the prices of several commodities, including Ethylene. Moreover, it is expected that European chemical makers may face a challenging market again in 2024 as weak economic growth and oversupply weigh on the Ethylene market.
According to the latest ChemAnalyst database, Ethylene prices in the German market increased by USD 10/MT in the last week of December 2023.
The rise in feedstock naphtha prices in the prior week has resulted in higher manufacturing costs of Ethylene across the domestic market, leading to bullish market sentiments among manufacturers. Plastic Waste
SÜDPACK expands its involvement in CARBOLIQ
With effect from January 2, 2024, SÜDPACK has acquired additional shares of CARBOLIQ GmbH and appointed Dirk Hardow as Managing Director. By doing so, SÜDPACK is demonstrating its commitment to a closed-loop system for plastics and to chemical recycling as a complementary recycling technology. Dirk Hardow, who as Manager of the BU FF&C is responsible for matters such as the development and implementation of closed-loop models, will lead the company as its managing director in the future. Plastic Waste
The acquisition of a majority stake in CARBOLIQ was signed on December 15. For Erik Bouts, CEO of SÜDPACK, this is “the logical next step. We regard CARBOLIQ technology as an indispensable building block in our industry’s process of transformation towards a circular economy.”
With the acquisition, the film manufacturer is simultaneously substantiating its leading position in terms of a circular economy in the industry for flexible packaging. Because so far, SÜDPACK is the only manufacturer of flexible films with direct access to capacities for chemical recycling. Plastic Waste
“We believe quite profoundly in the benefits of this advanced technology compared to other oiling processes,” highlighted Dirk Hardow. “In terms of energy consumption and the processing window for a broad range of recyclables, CARBOLIQ technology offers significant advantages in comparison to other processes from our point of view,” elaborated Hardow.