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Hydrogen21-Jul-2025
LONDON (ICIS)–On 21 July a spokesperson for
the Dutch Ministry of Climate and Green Growth
told ICIS that €1.78 million per megawatt (MW)
of electrolysis capacity is the average grant
amount for the 11 renewable hydrogen projects
in the latest round of the government’s
development of the hydrogen economy scheme
(OWE).
OWE awarded a total of over
€700 million in subsidies for a
combined 602MW of electrolyser capacity.
OWE provides up to 80% of the capital
costs for building a hydrogen production
plant and covers the difference between the
cost of generating renewable hydrogen and the
cost of generating carbon-intensive hydrogen
through steam methane reforming.
The ministry also revealed the MW per project,
with energy companies Air Liquide and Uniper
securing the largest share of subsidised
capacity, with 192MW and 178MW respectively.
This makes up over 60% of the total.
A spokesperson for Uniper has confirmed to ICIS
that the subsidy has been awarded for the
company’s 500MW Maasvlakte project, for which
it targets operations by 2030. The company has
not disclosed the amount awarded.
ICIS has reached out to Air Liquide for the
details of its awarded project in Rotterdam. In
February the company announced it will build a
200MW plant there, which is expected to be
operational by 2027.
It has an estimated production of up 23,000
tons of renewable and low-carbon hydrogen
annually and will supply energy major
TotalEnergies through a long-term contract.
In 2024 the company began construction of the
Porthos carbon capture and storage project in
the port of Rotterdam, which is expected to be
completed in 2026 and aims to enable the
production low-carbon hydrogen.
Ethylene21-Jul-2025
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 18 July.
INSIGHT: Tariffs on EU would pile on
costs for US aromatics
imports
With Friday’s announcement of duties on EU
goods, the US has proposed additional tariffs
on just about every one of its major sources
of imported aromatics, leaving domestic
buyers few options to avoid the charges if
they go into effect as planned on 1 August.
Indonesia reaches trade deal with US
– president
The US reached a trade deal with Indonesia,
the nation’s president said on Tuesday. Under
the agreement, the US will charge a tariff of
19% on imports from Indonesia, President
Donald Trump said on social media. For
transshipments from countries subject to
higher rates, the US will impose the higher
rate on top of the Indonesia rate.
INSIGHT: Indonesian tariffs leave US
oleos few options to avoid higher
costs
The 19% tariffs that the US will impose on
Indonesian imports will leave the nation’s
oleochemical industry with few options to
avoid the higher rates, given the
archipelago’s role as the largest supplier of
oleochemicals and feedstock.
US investigation into Brazil policies
points to more tariffs
The US has started an investigation into
Brazilian policies under Section 301, the
same provision it used to impose tariffs on
numerous Chinese imports in 2018.
Indonesia tariff agreement could
drive increase in US PE
imports
Indonesia’s tariff agreement with the US
could result in more imports of polyethylene
(PE) flowing from the world’s biggest economy
into southeast Asia’s second biggest PE
consumption market.
US home builder confidence edges up
on passage of Trump’s fiscal
bill
US builder confidence in the market for newly
built single-family homes improved slightly
in July following the passage of US President
Donald Trump’s fiscal bill, the National
Association of Home Builders (NAHB) reported
on Thursday.
INSIGHT: Muted EU reaction to US
tariff proposals underplays its true
implications
A relatively sanguine EU market reaction to
the latest US tariff proposals belies the
fact that, come August, the bloc could face
duties on exports to the country that would
have been unthinkable seven months ago.
INSIGHT: National standards to cut
recycled-plastics costs amid virgin
glut
National US standards for recycled plastics
would make it easier for companies to collect
waste plastic, which would lower costs and
make the material more competitive in a
market oversupplied with virgin resin, the
American Chemistry Council (ACC) said.
Ethylene21-Jul-2025
SAO PAULO (ICIS)–The latest US tariffs on
Brazilian goods due to come into force on 1
August are related to “political” issues rather
than trade and could still be revised or
revoked, according to credit ratings agency
Moody’s.
John Rogers, senior vice president and head
analyst for chemicals at Moody’s, said a
revision to US tariffs is also likely due to
their political nature and the fact that Brazil
does not have a surplus in goods trade with the
US – with the US running an even larger surplus
than the average.
When announcing the tariffs last week, US
President Donald Trump justified them for what
he described as a “witch hunt” against former
President Jair Bolsonaro, who is on trial for
an alleged coup attempt in January 2023.
“We don’t have a house view on the
macroeconomic impact yet. I think the situation
is very fluid, but in the past few months, we
have had several announcements that were later
revoked or revised. Hopefully, everything gets
resolved before 1 August but, if not, I think
the impact on both the US and Brazil is going
to be significant,” said Rogers.
“From the corporate side we can say that this,
for sure. It adds challenges and uncertainties
to business decisions, to investment decisions,
to global trade and to prices. Ultimately, this
would have an impact on demand which is already
depressed. Not only for Brazil in general, but
for the chemical sector globally.”
Rogers said although most US tariffs are being
directed at countries that have a trade surplus
with the US, it is not the case for Brazil.
Not only does the US have a large trade surplus
with Brazil, it also enjoys a trade surplus in
chemicals, according to chemicals trade group
Abiquim. Last year, Brazil posted a significant
trade deficit with the US – importing $10.4
billion worth of chemicals, but exporting just
$2.4 billion.
“Most of the tariffs we are seeing are directed
to countries that have trade surpluses with the
US – Brazil does not have one,” Rogers pointed
out.
Many in Brazil’s industrial sector expect the
crisis to be sorted
out well before the 1 August deadline – and
do not expect the tariffs to be implemented –
at least not by the damaging percentages
announced earlier.
“We simply need this to be reversed and we
think it will be reversed very soon. Otherwise,
this will be a big impact on us here in Brazil:
20% of our exports are destined for the US,”
said a source in the powerful food sector, a
large consumer of polymers.
“We’re not even counting on this becoming a
reality in August. We’re counting on this to be
resolved sooner.”
However, the more pessimistic expect GDP growth
to be hit by about half a percentage point over
the next three years.
“Our Tariff Impact Model indicates that a 50%
US import tariff could exert a hit of about
0.6% on Brazil’s GDP over a three-year period.
We suspect that the impact would be mitigated
by a fall in the real – it declined by about
2.5% against the dollar yesterday and we expect
a further depreciation this year – and some
redirection of exports to other markets,” said
analysts at Capital Economics.
“That might leave the impact in the order of
0.3-0.5% of GDP. So, it is not an enormous hit,
but also not helpful at a time when the economy
appears to be slowing sharply.”
Front page picture shows the Brazilian
flag
Picture by Fernando Bizerra
Jr/EPA/REX/Shutterstock

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Petrochemicals21-Jul-2025
BLOG: Europe’s chemical industry under major threat – a rapid
move to protectionism seems inevitable
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which looks at the ARG pipeline network and the
threat to Europe’s chemical industry.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author and do not necessarily represent those
of ICIS. Paul Hodges is the chairman of
consultants New
Normal Consulting.
Polypropylene21-Jul-2025
SINGAPORE (ICIS)–India’s Reliance Industries
Limited (RIL) on 18 July reported a 10.8%
year-on-year increase in its oil-to-chemicals
(O2C) earnings before interest, tax,
depreciation and amortization (EBITDA) amid
favorable margins on domestic fuel retail and
downstream chemical deltas.
in crore Indian rupee
(Rp10,000,000)
Apr-Jun 2025 (Q1 FY2026)
Apr-Jun 2024
% Change
Revenue
154,804
157,133
-1.5
Exports
59,245
71,463
-17.1
EBITDA
14,511
13,093
10.8
Revenue fell 1.5% year on year in the fiscal
first quarter ended 30 June amid falling crude
oil prices and lower volumes, the latter due to
planned shutdowns, the Indian chemicals major
said in a statement.
RILS’ O2C EBITDA margin grew 9.4% in April-June
this year from 8.3% in the same period a year
earlier.
Earnings for the period were offset by “lower
volumes due to planned turnaround, and decline
in polyester chain margins”.
Domestic polymer demand rose by 2% year on year
in Q1 FY26, with polypropylene (PP) demand up
by 7%, led by packaging, furniture, and
automotives, polyethylene (PE) demand
decreasing by 1% amid lower demand from the
infrastructure sector, and polyvinyl chloride
(PVC) demand remaining stable year on year
despite the early arrival of the monsoon
season.
Domestic polyester demand grew by 3% over the
same period, with polyethylene terephthalate
(PET) demand down 10%, due to lower demand from
beverages sector amid the early monsoon onset.
Polyester filament yarn (PFY) demand increased
by 9%, and polyester stable fiber (PSF) demand
by 3%, both amid improved downstream
operations.
POLYMER MARGINS SHOW MIXED
TRENDSPolymer margins showed
varied trends in Q1 FY26, with PP margins
jumping by 13% and PVC margins up by 4%, while
PE margins were lower, falling by 1% year on
year.
The price of ethylene dichloride (EDC) was at
$184/tonne, down 42% year on year with
increased availability due to strong caustic
prices, while Singapore naphtha price was lower
by 14% at $561/tonne.
PP margin over naphtha improved to $360/tonne
from $318/tonne in the same period a year ago
on lower feedstock prices, whereas PE margin
over naphtha declined to $325/tonne from
$330/tonne in the same period last year as
higher supplies pressured product prices.
PVC margin over EDC and naphtha rose to
$385/tonne from $371, primarily led by a sharp
decline in EDC prices.
Meanwhile, the polyester chain margin decreased
to $446/tonne from $489 in Q4 FY24, driven by a
significant 34% drop in PX margin over naphtha
due to a sharp increase in PX supplies.
Speciality Chemicals21-Jul-2025
LONDON (ICIS)–Here are some of the top
stories from ICIS Europe for the week ended
18 July.
Ammonia trend to remain
bullish in August on tight supply
Tight availability will continue to be the
main factor characterizing the ammonia market
in August.
German chemical
production lags pharma as output shrinks in
first half
Chemicals production in German contracted 3%
in the first half of 2025 offsetting an
expansion in pharmaceuticals output to drive
the industry as a whole to a 1% contraction,
trade body VCI said on Thursday.
PVC
closures in Europe highlight shrinking
market, weak competitiveness
When almost half a million tonnes of capacity
closes in a year, there is clearly a systemic
issue.
BASF, Covestro warnings
underscore global weakness as EU tariffs
loom
BASF and Covestro’s moves to manage
expectations for full-year earnings growth
underline the precarity of global economic
growth, with potential for heavy US tariffs
on the EU only serving to further weigh on
sentiment.
Europe methanol market
flooded with imports, congestion at Rotterdam
in July
European methanol storage and logistics face
difficulties in early Q3, with pressure on
Rotterdam terminals expected to continue this
summer.
Gas21-Jul-2025
SINGAPORE (ICIS)–Here are the top stories
from ICIS News Asia and the Middle East for
the week ended 18 July.
EU,
Indonesia push for free trade deal as US
tariffs loom
By Nurluqman Suratman 14-Jul-25 13:03
SINGAPORE (ICIS)–The EU and Indonesia are
pursuing a comprehensive economic partnership
agreement (CEPA) amid continued uncertainties
over US tariffs.
China likely to see
much slower GDP in H2 as frontloading
fades
By Fanny Zhang 15-Jul-25 14:31 SINGAPORE
(ICIS)–China’s economic growth is expected
to slow sharply in the second half of the
year as exports will likely stumble and
frontloading diminishes, analysts said.
US
tariff-driven trade shifts worry Asia
petrochemical players
By Jonathan Yee 15-Jul-25 15:08 SINGAPORE
(ICIS)–Petrochemical trades in Asia have
largely stayed cautious as players grapple
with potential shifts in cargo flows, as most
countries in the region have yet to strike
bilateral deals with the US with just two
weeks to go before Donald Trump’s hefty
reciprocal tariffs take effect on 1 August.
Indonesia oleochemical
makers hopeful but cautious on US’ 19%
tariffs
By Helen Yan 16-Jul-25 11:40 SINGAPORE
(ICIS)–Indonesian oleochemicals producers
are hopeful and confident that their exports
to the US will be more competitive than their
Malaysian rivals but they remain cautious as
the outcome of the trade negotiations between
the US and Malaysia have not been finalized.
Indonesia central bank
lowers interest rate amid US trade
deal
By Jonathan Yee 16-Jul-25 17:49 SINGAPORE
(ICIS)–Bank Indonesia (BI) lowered its key
interest rate – the seven-day reverse
repurchase rate – by 25 basis points (bps) to
5.25% on Wednesday amid a trade deal struck
by Indonesia with the US.
INSIGHT: China H2
exports may slump as frontloading effects
fade
By Nurluqman Suratman 17-Jul-25 10:48
SINGAPORE (ICIS)–China’s exports held up
well in June despite a challenging trade
landscape but this major pillar of growth for
the world’s second-biggest economy is likely
to slow sharply in the second half the year
as frontloading effects fade away.
Singapore June
petrochemical exports fall 10.2%, NODX swings
to expansion
By Nurluqman Suratman 17-Jul-25 11:09
SINGAPORE (ICIS)–Singapore’s petrochemical
exports fell by 10.2% year on year to (S$)
1.09 billion in June, but overall non-oil
domestic exports (NODX) rose ahead of US
tariffs which are expected to weigh on the
trade-reliant economy in the latter half of
this year.
Indonesia tariff
agreement could drive increase in US PE
imports
By Izham Ahmad 17-Jul-25 12:48 SINGAPORE
(ICIS)–Indonesia’s tariff agreement with the
US could result in more imports of
polyethylene (PE) flowing from the world’s
biggest economy into southeast Asia’s second
biggest PE consumption market.
INSIGHT: Asia chemical
prices to decrease in July with rising
supply
By Amy Yu 17-Jul-25 13:00 SINGAPORE
(ICIS)–Most of Asia’s petrochemical prices
are expected to decrease in July, with market
sentiment turning bearish due to rising
supply and uncertain trade and tariff
outlooks.
Thailand rPET feedstock
prices drop to record low on weak
uptake
By Arianne Perez 18-Jul-25 13:30 SINGAPORE
(ICIS)–Spot prices of post-consumer bottle
bales in Thailand breached a new record low
amid ample supply from local waste suppliers,
countered by weak demand from recyclers.
Potassium Chloride (MOP)18-Jul-2025
HOUSTON (ICIS)–Mining major BHP announced it
will now cost between $7 billion to $7.4
billion for the first stage of the Jansen
potash project in Saskatchewan with production
reset to begin in mid-2027.
Stage one of the project is currently 68%
completed with the company having already spent
$4.5 billion on this phase.
The development had been expected to cost the
company $5.7 billion and was recently targeting
a start during 2026.
BHP said the estimated increases are due to
cost escalation pressures, design development
and scope changes, and their current assessment
of lower productivity outcomes over the
construction period.
It is also considering extending first
production from Jansen Stage 2 by two years
until 2031.
This is being done as part of a regular review
of capital expenses and given potential for
additional supply coming to market in the
medium-term.
Polyethylene Terephthalate18-Jul-2025
HOUSTON (ICIS)–National US standards for
recycled plastics would make it easier for
companies to collect waste plastic, which would
lower costs and make the material more
competitive in a market oversupplied with
virgin resin, the American Chemistry Council
(ACC) said.
The group has unveiled a three-point plan that
it said will make it easier for companies to
collect waste plastic that can then be
converted into recycled plastic. In addition,
it recently testified in a hearing held by
the Energy and Commerce Subcommittee of the
House of Representatives, the lower legislative
chamber of the US Congress.
US NEEDS NATIONAL RECYCLING
STANDARDSWhile there is plenty
of currently available recycled plastic,
several brands and converters continue to
struggle with material quality, premium cost
and manufacturing adoption, some of which could
be improved with a focus on waste plastic
collection and recycling infrastructure.
National standards would ensure that US
households have access to recycling, the ACC
said. Standards would provide clear definitions
of recycled and recycling content. They would
also expand and modernize the infrastructure
needed to collect waste plastic.
Waste plastic is the feedstock that companies
process to make recycled plastic. If collection
costs fall and the quality of recycled plastic
feedstock improves, recycled plastics would
have an easier time competing with virgin
material.
Lawmakers have taken some steps towards passing
recycling policies.
Last year, two bills which would provide
funding for recycling infrastructure and
collect data on recycling and composting. The
Recycling Infrastructure and Accessibility Act
(RIAA) and the
Recycling and Composting Accountability Act
(RCAA) gathered broad based bipartisan
support, but ultimately did not pass.
Similarly, last year Congress introduced a
bipartisan bill, Accelerating a Circular
Economy for Plastics and Recycling Innovation
Act. It would have required the nation’s
environmental regulator to create national
plastic recycling standards. It also set a 2030
goal for plastic packaging to contain at least
30% of recycled content.
One of the bill’s sponsors is retiring, so a
similar one would need to start from scratch,
said Ross Eisenberg, president of America’s
Plastic Makers at the ACC. He made his comments
in an interview with ICIS.
THREAT OF MULTIPLE STATE
REGULATIONSIf the US lacks
national policies, states will adopt their own
rules and create a patchwork of regulations
that will increase compliance costs for
companies.
So far, seven have passed plastic packaging
laws related to extended producer
responsibility (EPR), 10 have passed bottle
deposit laws and five have passed standalone
laws that set minimum requirements for plastic
post-consumer recycled (PCR) content.
NATIONAL STANDARDS FOR CHEMICAL
RECYCLINGThe US should adopt
national standards for chemical recycling,
which is also known as advanced recycling, the
ACC said.
Chemical recycling is an umbrella term for
several different technologies that break down
plastics at a molecular level. These various
processes such as pyrolysis, dissolution and
methanolysis have vastly different production
and environmental outcomes.
According to the ACC, chemical recycling needs
to be designated as a manufacturing process to
make it easier for companies to develop plants.
Right now, such designations are being done on
a state-by-state basis. So far, 25 states have
passed policies which recognize chemical
recycling as a manufacturing process rather
than a waste management one.
Companies are building chemical recycling
plants in states that consider the technology a
manufacturing process, Eisenberg said.
Though redefining the process is not the only
hurdle. Once the plants are built, companies
still need assurance that their output would
count towards mandates for PCR content and EPR
regulations.
GLOBAL PLASTICS TREATY CAN SUPPORT US
POLICIESThe global plastics
treaty under negotiation could act as a
starting point to introduce more policies in
the US that would create market signals that
would stimulate demand, Eisenberg said.
If the global plastics treaty gets approved and
it included provisions on recycled content and
EPR, trade groups like the ACC could point to
those provisions as an example that the US
should follow.
Policies about recycled content could create
demand and generate market signals that would
encourage companies to make investments to
collect waste plastic and process it into
recycled material, Eisenberg said.
So far, the ACC has reached out to explain the
importance of US involvement in the treaty
discussions with the new administration of US
President Donald Trump, Eisenberg said.
“We’re really encouraged by what we are seeing
out of them,” he said.
The US has sent representatives to most of the
lead-ups to the pre-meetings of the treaty
negotiations, and Eisenberg expects that they
will send some form of delegation to the next
round of talks.
The next UN meeting on the treaty (INC 5.2) is
expected be held 5-14 August 2025 in Geneva,
Switzerland.
The US position aligns with the ACC’s, which
wants the treaty to focus on ending plastic
pollution and not on banning plastic,
according to a report by Climate Home News.
Insight article by Al
Greenwood
Additional reporting by Emily
Friedman
Thumbnail image: Plastic waste (Image by
RICHARD VOGEL/AP/Shutterstock)
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