LONDON (ICIS)–Ukraine’s electricity and gas-grid operators could lose vital funding and their certification as independent companies after the ministry of energy changed their corporate-governance charter without prior consultation with international institutions and donors, EU and Ukrainian market sources told ICIS. Several stakeholders said the changes relate to the way the CEOs of the two operators, Ukrenergo and GTSOU, are appointed or dismissed by their supervisory boards. They added that this could now empower the ministry of energy, as the sole stakeholder, to influence the process. An EU source said the changes could lead to a “fundamental rollback of corporate governance,” which is required to protect state companies from political interference and potential corrupt practices. AMENDMENTS Under the amendments introduced on 19 May, the supervisory board of Ukrenergo, which is made up of four independent members and three Ukrainian government representatives, can no longer appoint or dismiss the CEO with a simple majority of international members. The amendments stipulate that the appointment of the CEO would require a qualified majority of five members, including at least one government representative. At GTSOU the supervisory board is made up of five members, three independent and two government representatives. But the rule for voting in a CEO has also changed from a simple majority of three to a qualified majority of four, also including at least one government representative. Although the changes were introduced in mid May, they only became public in the first week of June, when the supervisory-board members of Ukrenergo were expecting to appoint a new CEO. The previous CEO, Volodymyr Kudrytskyi, was dismissed by the government in September 2024, leading to the resignation of two independent board members, citing political pressure. A new competition was organised and the three shortlisted candidates were sourced from within Ukrenergo. However, the supervisory board members who met in Kyiv in June could not appoint the CEO because of the latest charter changes. These effectively allow board members from the government to veto the process. The gas-grid operator is in a similar situation. The previous CEO, Dmytro Lyppa, resigned in February 2025 and GTSOU’s supervisory board is also expected to appoint a new CEO. Ukrainian stakeholders say the Ukrenergo supervisory board is now seeking independent legal opinions as the latest changes could “undermine” corporate governance. DONOR AGREEMENT The independence of state-owned enterprises such as Ukrenergo is a critical condition when it comes to attracting international funding. This will be needed to repair much of the power and gas infrastructure destroyed in Russian attacks. Ukrainian and EU stakeholders told ICIS the transmission-system operator (TSO) charters had been previously agreed with international donors such as the European Bank for Reconstruction and Development (EBRD), as well as with the Energy Community. The latter is an international institution tasked to extend the EU’s single energy market to southeast Europe, which granted their certification as independent operators. In their initial format, the charters gave greater weight to the independent supervisory board members in their responsibilities to appoint or dismiss CEOs to protect companies from state interference and ensure that international donations are not embezzled. EU and Ukrainian market sources confirmed that all EBRD loans as well as credit from other international financial institutions contain covenants that clearly state that the company’s charter cannot be changed without prior approval from the banks that have already provided the loans. A Ukrainian market source said the ministry of energy, as the sole shareholder of both grid operators, is required to get confirmation from the Energy Community on changing the corporate governance charter. They insisted this had not been done. International stakeholders have repeatedly raised concerns about the independence of state-owned enterprises in Ukraine after the government dismissed CEOs at the incumbent Naftogaz, GTSOU, Ukrenergo. The ministry of energy, EBRD and the Energy Community did not reply to questions from ICIS.

MUMBAI (ICIS)–India’s central bank on Friday reduced its benchmark interest rate for the third consecutive time, while retaining its 6.5% GDP growth forecast for the fiscal year ending March 2026. 50-basis point cut bigger-than-expected; monetary policy stance revised to “neutral” Banks’ cash reserve ratio cut by 100bps to 3.0% FY2025-26 average inflation forecast cut to 3.7% from 4.0% The Reserve Bank of India (RBI) delivered a surprise 50-basis point (bps) cut in its policy interest rates to 5.50%, while changing its monetary policy stance to “neutral” from “accommodative”. Market players were expecting a 25bps cut, like in the two previous monetary policy meetings. “After having reduced the policy repo rate by 100 basis points in quick succession since February 2025, the RBI is left with very limited space to support growth,” it said. “Hence, the RBI’s monetary policy committee (MPC) decided to change the stance from accommodative to neutral,” the central bank said. The neutral stance will allow the central bank to maintain flexibility in adjusting policy rates based on prevailing economic conditions. The RBI first lowered its repo rate by 25bps to 6.25% in February after keeping it unchanged for two years; followed by another 25bps cut in April. The central bank also cut its cash reserve ratio (CRR) by 100 basis points to 3.0%, in a bid to boost liquidity in the financial system and encourage credit growth. It had last cut the CRR – which is the percentage of a bank’s total deposits that must be parked with the central bank – in December 2024, as it was trying to rev up economic activity. India’s central bank conducts its monetary policy review every two months. While GDP growth projections for financial year 2025-26 have been retained at 6.5%, “geopolitical tensions and weather vagaries may pose headwinds,” RBI governor Sanjay Malhotra said. India – a major importer of petrochemicals – is the third biggest economy in Asia and is a giant emerging market. Its GDP growth rate in fiscal year ending March 2025 weakened to a four-year low of 6.5% amid global uncertainties over US tariffs. “The uncertainty around the global economic outlook has ebbed somewhat since April in the wake of temporary tariff reprieve and optimism around trade negotiations. However, it continues to remain elevated to weaken sentiments and lower global growth prospects,” the central bank said. While trade policy uncertainty continues to weigh on India’s merchandise export prospects, the conclusion of free trade agreement (FTA) with the UK and progress with other countries will help domestic trade, it added. Meanwhile, the RBI has brought down its retail inflation projection for the current financial year to 3.7% from the earlier projected 4.0%, citing a sharp correction in food prices. In April, India’s retail inflation eased to a six-year low of 3.16% as food prices increased at a slower pace. “Inflation has softened significantly over the last six months. The outlook now gives us the confidence of not only a durable alignment of headline inflation with the target of 4% but also the belief that during the year, it is likely to undershoot the target at the margin,” Malhotra said. Core inflation is expected to remain benign with an easing of international commodity prices in line with the anticipated global growth slowdown, he added. Inflation forecasts New (6 June) Previous forecast Financial year 2025-26 3.7% 4.0% April-June (Q1) 2.9% 3.6% July-September (Q2) 3.4% 3.9% October-December (Q3) 3.9% 3.8% January-March (Q4) 4.4% 4.4% Source: RBI Focus article by Priya Jestin

SINGAPORE (ICIS)–Malaysian state energy giant PETRONAS is shedding 10% of its workforce by the end of the year to navigate challenging operating conditions, primarily driven by falling crude prices. Some 5,000 staff to be affected by the ongoing “right-sizing” process will be notified by the end of this year, PETRONAS president and CEO Tengku Muhammad Taufik Tengku Aziz was quoted as saying by state media Bernama. The company chief held a press briefing in Kuala Lumpur on 5 June to make the announcement. “PETRONAS 2.0 will be run differently, organized differently, will have different work processes, and to move towards that, we will have to correct the work process,” he said. The company did not immediately respond to ICIS’ queries on the job cuts. PETRONAS aims for a lean and nimble operation, even if oil prices were to reach $100 per barrel, Muhammad Taufik said. “There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this—those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent,” he said. “Today, it is [between] 25% and 38%. These margins are going to shrink further … So the value-added (PETRONAS) 2.0 has to transform into an organization that monetizes molecules commercially and competitively, not just at home, but also abroad,” he said. In 2024, PETRONAS reported a 32% year-on-year decline in its after-tax profit to Malaysian ringgit (M$) 55.1 billion ($13 billion), as revenue fell by 7% due to lower average realized prices. Its petrochemicals arm – PETRONAS Chemicals Group – had a 30.7% slump in net profit over the same period to M$1.18 billion, despite a 7% increase in sales to M$30.7 billion. PETRONAS’ budget is predicated on Brent crude trading between $75/barrel and $80/barrel. Currently, the crude benchmark is hovering near $65/barrel, marking a roughly 13% decrease year on year, influenced by global trade tensions and increased output by OPEC and its allies (OPEC+). ($1 = M$4.23) Thumbnail image: PETRONAS Twin Towers in Kuala Lumpur, Malaysia – 15 March 2025 (Md Rafayat Haque Khan/ZUMA Press Wire/Shutterstock)

HOUSTON (ICIS)–Rates for shipping containers from Asia to the US spiked again this week – and have almost doubled over the past four weeks – as demand has surged ahead of the possible reinstatement of tariffs while capacity remains tight. Supply chain advisors Drewry said the latest sudden, short-term strengthening in supply-demand balance in global container shipping has reversed the trend of declining rates which had started in January. Rates from Shanghai to Los Angeles spiked by 57% this week while rates from Shanghai to New York jumped by 39%, according to Drewry and as shown in the following chart. The drastic increases are seen from other shipping analysts as well. On the Shanghai Containerized Freight Index (SCFI), the Shanghai-USWC rate rose by 58% to $5,172/FEU (40-foot equivalent unit), the largest week-on-week percentage gain since 2016 as strong demand has coincided with tight supply, though capacity is increasing as carriers resume previously suspended services and reinstate blank sailings. Sea-Intelligence CEO Alan Murphy said almost 400,000 TEUs (20-foot equivalent units) are coming back online in the near term. “If we aggregate it across June/July for Asia-USWC, then in June, the lines are increasing capacity 12.8% compared to before the tariff pause, and in July, the capacity injection is increasing to 16.5% compared to the pre-pause situation,” Murphy said. “Capacity has also ramped up sharply compared to just a week ago, with this injection of capacity equaling 397,000 TEU across the two months.” The growth in capacity is shown in the following chart from Sea-Intelligence. Peter Sand, chief analyst at ocean and freight rate analytics firm Xeneta, said the spike is likely because shippers are so concerned about getting goods moving during the 90-day window that they are willing to pay more. “Right now, it seems carriers are telling shippers to jump, and some are replying ‘how high?’,” Sand said. “This will not last because capacity is heading back to the transpacific and the desperation of shippers to get supply chains moving again will ease once boxes are on the water and inventories begin to build up,” Sand said. “Spot rates are expected to peak in June before downward pressure returns.” Rates from online freight shipping marketplace and platform provider Freightos have yet to capture the dramatic increase, but Judah Levine, head of research at the company, said 1 June general rate increases (GRIs) are starting to push daily prices up sharply. “Rates have spiked 72% to the West Coast since last week to $4,765/FEU and 44% to the East Coast to $5,721/FEU, with more increases likely and additional hikes announced for mid-month,” Levine said. Analysts at US logistics platform provider Flexport said they expect a further rush of cargo from southeast Asia to the US West Coast toward the end of June. Flexport analysts expect carriers to be back to full capacity on the transpacific eastbound trade lane by the end of June, noting that week 23 capacity is 11% below standard levels but is expected to exceed standard levels by 3% by week 25. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers. They also transport liquid chemicals in isotanks. LIQUID TANKER RATES US chemical tanker freight rates assessed by ICIS were mostly unchanged. However, rates decreased from the US Gulf to Europe. The USG to Rotterdam route is overall steady as weaker demand is being offset by limited availability, particularly for larger parcels. Larger requirements are well represented, with several larger lots of methanol, methyl tertiary butyl ether (MTBE) and caustic soda fixed or indicated to the ARA. There was also some interest in sending some smaller lots of glycols and styrene. From the USG to Asia, the uptick in interest to rush glycols to beat the deadline to China seems to have all but ended as the market saw only a few new inquiries. On the other hand, several larger parcels of methanol were either fixed or quoted to the region. As contract of affreightment (COA) volumes are being firmed, and due to the absence of market participants, freight rates have eased some, with more downward pressure on smaller parcels. On the USG to Brazil trade lane, the market has been steady, leading rates to remain unchanged week on week. There was a stable level of spot activity with only a handful of new requirements. Overall, the market remains slow despite several cargoes being quoted and fixed. Despite the uptick in inquiries there is not enough significant activity that would suggest any increase in demand, with caustic soda, glycols and styrene the most active. The regular owners have space remaining and are trying to fill space while supporting current freight levels. Activity typically picks up during summer months, but this is not currently being seen. As a result, freight rates are now expected to remain steady for the time being. Focus story by Adam Yanelli Additional reporting by Kevin Callahan Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Logistics: Impact on chemicals and energy topic page

COLORADO SPRINGS, Colorado (ICIS)–A new regulatory threat for the US chemical industry is emerging from the alignment of two wings of the nation’s main political parties, which could use what critics describe as pseudoscience to adopt restrictive and unneeded policies. The two wings are what the American Chemistry Council (ACC) described as the one in the Democratic party aligned with nongovernmental organizations (NGOs) and the one in the Republican party aligned with the MAHA movement. MAHA stands for Make American Healthy Again, and it is a motto coined by Robert Kennedy Jr, the secretary of the US Department of Health and Human Services. Short term, any new policies will likely arise in states because the current federal administration has imposed a high threshold for new regulations. POSSIBLE STATE-LEVEL THREATS FROM NEW HEALTH REGULATIONSWhile new regulations could arise on the state level, those policies could draw some inspiration from the federal government through the so-called MAHA Report issued by the US Department of Health and Human Services. The first pages of the report highlight “aggregation of environmental chemicals” as one of the four areas that could address what it described as a rise in childhood chronic diseases. The report includes a 12-page section entitled “the cumulative load of chemicals in our environment”. Instead of recommending policy, the MAHA report calls for more research in the following chemistries: Per-and polyfluoroalkyl substances (PFAS). These are used to make fluorochemicals and fluoropolymers Microplastics Fluoride salt added to water to prevent tooth decay Phthalates that are used to make plasticizers Bisphenols that are used to make polycarbonate (PC) and epoxy resins Pesticides, herbicides and insecticides. The report mentioned glyphosate and atrazine The report also singled out the following classes of chemicals, as shown in the following table: Heavy Metals Waterborne Contaminants Air Pollutants Industrial Residues Pesticides Persistent Organic Pollutants Endocrine-Disrupting Chemicals Physical Agents Source: US Department of Health and Human Services It must be noted that the report explicitly rejects the EU’s REACH regulatory system. Even if the report did propose new regulations, they would have to reach a high threshold. The administration of US President Donald Trump said it will require 10 federal regulations to be removed for every new one introduced. However, a new administration could adopt regulations based on the report after Trump’s term of office ends in four years. US states do not have to wait for Trump to leave office to adopt regulation that address the issues raised in the report. Already, the states of Florida and Utah have banned fluoride from public water. CHEM INDUSTRY ALREADY RESEARCHING CONCERNS RAISED BY REPORTThe ACC stressed that it supports making the nation healthy. “Everyone supports that. We support it,” American Chemistry Council (ACC) CEO Chris Jahn said. He made his comments on the sidelines of the ACC Annual Meeting. With that in mind, the two share the same goals. “We look forward to working with them to make sure that we keep everyone safe, especially children,” Jahn said. Moreover, he said the ACC has conducted research on many of the report’s concerns, and research is its main call for action. The ACC said its Long-Range Research Initiative (LRI) is focused on ways to assess chemicals for safety. It has also invested in research in microplastics, Jahn said. The federal government already addresses many of the report’s concerns under its agencies, such as the Environmental Protection Agency (EPA), Jahn said. The Food and Drug Administration (FDA) regulates food contact and food contamination. As it stands, Jahn said the chemical industry is the most heavily regulated manufacturing sector, and its regulatory burden has doubled in the past 20 years. Regulation is appropriate, but it must be risk-based, science-based and fact-based, Jahn said. “Sound science and sound process leads to sound regulation.” NEW REGULATIONS ON HOLD WITH NEW PRESIDENTThe surge of new regulations that characterized the term of the previous president has ended with Trump’s inauguration, but that was expected because it happens every time a new president takes office, Jahn said. “They freeze everything in place so they can evaluate what’s in the queue, so there’s nothing new there. Every president does that.” As the administration gets settled in, it may need to adopt new regulations to achieve policy goals. If the administration does propose new regulations, the ACC has proposed existing rules it could purge and that would count multiple times in meeting the 10-rule threshold. One such regulation is the plastics significant new use rule (SNUR), Jahn said. “We’ve given them a list of over 30 regulations that they could take a fresh look at,” Jahn said. “We have plenty of suggestions and opportunities for them to address the 10 for one.” The ACC Annual Meeting ran through Wednesday. Insight article by Al Greenwood Thumbnail image: Texas flag. (Source: Westlight)

SAO PAULO (ICIS)–Logistical mayhem at Mexico’s largest port of Manzanillo is hitting imports of chemicals and industrial goods after a strike in May by customs personnel worsened an already poor performance. Players in the distribution sector have said practically all products coming to Manzanillo in Colima state, the port of entry for Asian imports into Mexico with around 40% of the country’s container cargo, are affected as queues are extending to days and affecting the related road and rail transport. The situation has become so dysfunctional that many companies are opting to change their logistical plans and opting to send cargo to the Lazaro Cardenas Port, 350km south in the state of Michoacan. “We’re paying a fortune in delays. It is taking days to get a date to make your shipments, and when they give you a date, it keeps moving forward several times, adding to the increasing costs we are facing. We are reducing as much as we can any operation involving Manzanillo,” a chemical’s distributor source said. Due to chemicals trade’s safety requirements, the source added the company’s logistical woes had been widened by the implementation of a new Administrative and Customs Matter Proceeding (PAMA in its Spanish acronym) system introduced in 2024, which has increased the checks and costs for many of the shipments. In a written statement to ICIS, a spokesperson for logistical firm Logistica de Mexico (LDM) said the company is turning increasingly pessimistic about the port’s crisis, adding it now expects the crisis could take up three months to normalize. In a letter to customers seen by ICIS, one of the operators at the port of Manzanillo, SSA Marine Mexico, said the crisis “continues without significant improvement” because the resumption of operations after the strike at the end of May had been “partial and with insufficient” staff. The Port of Manzanillo is the largest containerized port in Mexico, with 70% of cargo coming from Asia entering Mexico through it. It handles around 35 million tonnes/year of cargo. STRIKE WORSENS POOR PERFORMANCEUp to May, the Port of Manzanillo already suffered performance problems, attributed by trade unions representing workers at Mexico’s National Customs Agency of Mexico (ANAM) to the lack of staff compounded by poor working conditions for workers. Internal protests escalated during May, with the government increasing presence of military personnel from the Navy (Secretaria de Marina) and deepening the rift. By mid-May, the crisis reached boiling point and protestors “completely blocked” access, the Navy said in a statement on 15 May. An intermittent strike followed, with hours-long stoppages, which practically paralyzed the port up to the week commencing on 23 May. Talks between the government and trade unions continue, with the latest round held on Thursday, but progress has been slow. As well as salary demands, trade unions have said customs workers at the facility have faced workplace harassment, exploitation and unjustified dismissal. The Association of Terminals and Operators of Manzanillo (ASTOM) has been quoted on Mexican news outlets this week saying it expects a resolution the crisis to be found as soon as this week or early next week. ASTOM had not responded to a request for comment at the time of writing. “Right now, Manzanillo is saturated, with congestion at all the port’s terminals. Even if you get customs clearance after making the payment, you will be given an appointment for the actual shipment one week later. It’s become completely dysfunctional,” said the source at the chemicals distributor. “It’s hard to have an estimate for when the delays will be cleared. This is a situation now affecting all importing and exporting companies using this important facility. Because of the location of our facilities, Lazaro Cardenas port does not work so well for us – otherwise we would have already diverted to that port.” UP TO 12 WEEKS RESOLUTION – ALL GOING WELLIn its written statement to ICIS, the spokesperson for LDM confirmed what the company’s CEO, Jose Ambe, said earlier this week in an interview with Mexican news outlet El Mañana in which he gave the most pessimistic assessment of how long the crisis could linger: three months. “Although we see that the authorities are taking some measures to restore operations and partially resume activities, to be honest, the port’s full normalization will take between eight and 12 weeks. This is based on the flow we are seeing, the containers that are delayed, and the lack of personnel,” Ambe said. “The port has been opened but a bottleneck was created, which meant it couldn’t be moved, and there is a lack of personnel to address this. There are still protests from port and customs workers, who continue to protest amid the lack of personnel.” Ambe concluded saying that unjustifiably dismissed personnel will likely have to be reinstated and authorities may need to meaningfully improve the customs employees’ working conditions for the crisis to overcome the impasse. In its letter to customers dated 30 May, SSA Marine Mexico gave a hint of how the crisis deepened in May, a month when 45% of import containers had not been delivered and 32% of export containers had not been shipped, while 40% of scheduled empty containers have not been received and shipped. The letter went on to say that, as a response to the crisis, ANAM had adjusted the issuance of appointments, according to the operational capacity of Manzanillo’s customs office, which caused SSA Marine Mexico’s  capacity to fall from 1,800 import appointments/day to 1,100/day. “This backlog has limited operational capacity at both terminals. If the scheduled appointments for 2 June [the letter was dated 30 May] are not met, the terminals will be severely affected, increasing the utilization of our yards, generating delays of more than two days in the berthing of upcoming vessels, and affecting our operations in general,” said the company. SSA Marine Mexico had not responded to a request for comment at the time of writing. The crisis now affects the entire supply chain – from the large terminal operators with more financial muscle to individual truck drivers for whom one day delay upend tight finances. A representative for the Manzanillo Freight Transporters Union (UTCM) said in a TV interview this week that costs for truck drivers are shooting up as the crisis extends. “For a typical carrier, it costs between [Mexican pesos (Ps)] 2,500-2,800/day ($130-146/day) if the truck is waiting, not able to load and has to wait. And, if you manage to get the load, the process of entering the port and then re-route to leave the port can take between eight and 12 hours,” they stated. UTCM was contacted for further comment but had not responded at the time of writing. AND THEN, THERE IS PAMAIn 2024, the Mexican government implemented the PAMA regulations aiming to improve the clearance of goods at customs facilities and the seizing of illegal goods. In practice, the detailed regulation has added costs in the form of bureaucracy and, in the case of chemicals, sharply slowed down the entry of imports into Mexico. PAMA entails companies now must give more information about the load. For example, if the declared weight of the load deviates in the slightest from the weight showed on the customs scale, this can be a reason to send the load back to square one, with a fine potentially also imposed, according to the source in chemicals distribution. “Right now, we have a container which has held for 45 days, and we can’t release it. There was a mismatch in the weight: it was missing two decimal places. We paid a fine, and corrected the error, but to no avail: today [4 June] we are still battling to release that container,” said the source. “It is a very serious problem – many of our loads get stuck because of PAMA-related issues, and becomes a burdensome, time-consuming process. Moreover, the fines are disproportionate, ranging from 70% to 100% of the value of the merchandise. And, since May, this problem has been compounded by Manzanillo’s crisis.” Insight by Jonathan Lopez  Thumbnail image: One of Manzanillo Port’s terminal. (Image source: Manzanillo’s port authority (ASIPONA Manzanillo))

LONDON (ICIS)–LyondellBasell has entered into exclusive talks with an industrial investor for the sale of four European production sites, slightly over a year after launching a review of its asset base in the region. The company entered into the talks with AEQUITA, a Germany-based investment group specialising in turnarounds and carve-outs. Other assets acquired by the firm include a bake disc technology company purchased from Bosch, a cloud solutions business from Fujitsu, and a glass manufacturer from Saint-Gobain. AEQUITA is in position to take control of four sites of the nine operated by LyondellBasell in Europe in the deal, spanning France, Germany, Spain and the UK. Sites to be sold Site Production (tonnes/year) Berre, France Ethylene (465,000 tonnes/year) LDPE (320,000 tonnes/year PP (350,000 tonnes/year Propylene (255,000 tonnes/year) Munchsmunster, Germany Ethylene (300,000 tonnes/year) HDPE (320,000 tonnes/year) Propylene (190,000 tonnes/year) Carrington, UK PP (210,000 tonnes/year) Tarragona, Spain PP (390,000 tonnes/year) That leaves LyondellBasell with its Knapsack and Wesseling, Germany, site – collectively its largest production centre in Europe – as well as Frankfurt, Germany; Moerdijk, Netherlands; Brindisi, Italy and Tarragona, Spain. Collectively, the sites represent a “scaled” olefins and polyolefins platform with operations close to customer demand, LyondellBasell said, although the size of the crackers in the portfolio are smaller than many capacities that have come on-stream in the last few years. “We are confident in our ability to accelerate their development under AEQUITA’s ownership approach,” said Christoph Himmel, Managing Partner at AEQUITA. The current agreement entered into takes the form of a put option deed, which grants the owner the right but not the obligation to sell an asset at a specific price. In this case, AEQUITA has agreed to purchase at the agreed-upon terms if LyondellBasell opts to exercise the option after concluding works council consultation processes. The financial terms of a sale have not yet been disclosed, but the current timeline would see the deal close in the first half of 2026, LyondellBasell added. The Europe review is part of a wider shift in footing towards three key pillars for the business. Announced in 2023, this is based on prioritizing spending on businesses where the company “has leading positions in expanding and well-positioned markets”, growing circular solutions earnings to $1 billion/year by 2030, and shifting from cost controls to a broader idea of value creation. The company’s strategy for its remaining European asset base will be based around sustainability and the circular economy, according to Lyondell CEO Peter Vanacker. “Europe remains a core market for LyondellBasell and one we will continue to participate in following this transaction with more of a focus on value creation through establishing profitable leadership in circular and renewable solutions,” he said. Update adds detail throughout Thumbnail photo: LyondellBasell’s site in Wesseling, Germany, one of the European assets it is retaining (Source: LyondellBasell)

LONDON (ICIS)–Senior Editor for Recycling, Matt Tudball, discusses the latest developments in the European recycled polyethylene terephthalate (R-PET) market, including: Majority of June deals heard so far rollover from May UK flake talks on going Some signs of lower interest for colourless flake EU Commission’s DG Environment confirms only EU-origin waste currently suitable for Single Use Plastics Directive 25% target

MUMBAI (ICIS)–Indian specialty chemicals producer Black Rose Industries and Japan’s Koei Chemical are conducting a joint feasibility study on building a specialty amines project in India. As part of the project, Black Rose will set up manufacturing facilities for the amine products while Koei Chemical will provide its proprietary technology for the production facilities, the company said in a bourse filing on 30 May. “The parties are expecting to enter into definitive agreements and will proceed with the construction and installation of plant facilities once the overall feasibility is established,” it added. Black Rose plans to set up the amine manufacturing facility at its chemicals complex at Jhagadia in the western Gujarat state, a company source said, but did not provide information regarding the product mix at the new plant or the project cost. “We are excited to enter the field of specialty amines which play an important role for the future growth of the chemical industry in India,” Black Rose chairman Anup Jatia said. Black Rose currently operates acrylamide and polyacrylamide plants at its Jhagadia complex. Acrylamide is used in the production of polymers, wastewater treatment, and food processing while polyacrylamide is used in pulp and paper production, agriculture, food processing, mining, among others.