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Potassium Sulphate (SOP)15-Jul-2024
HOUSTON (ICIS)–Brownfield exploration company
Silver Valley Metals announced it has signed an
asset purchase agreement for the Ranger-Page
project in Idaho which will allow it to refocus
efforts at its lithium and potash project in
central Mexico.
The firm said the decision came after careful
consideration of its options about how to move
forward in the most effective and least capital
dilutive way.
With two significant projects and a share
structure that remains intact, the company said
entering a sale with Silver Dollar Resources
Incorporated was considered to be the most
strategic option.
Part of the decision was based on them having
continued participation in the Ranger-Page
project through its 12% equity stake in Silver
Dollar.
Silver Valley Metals CEO Brandon Rook said
selling the Ranger-Page project will help
relieve the company from having to undergo
substantial capital dilution in order to meet
the financial obligations it has over the next
15 months.
“We believe there is strong upside to Silver
Dollar’s share value because of its tier one
assets in their portfolio today. With this
transaction, Silver Valley avoids diluting its
shares on a 2X plus multiple and adds dollars
to the treasury at the same time,” said Rook.
Following the transaction, the company said it
will be in a good position to refocus efforts
at its lithium and sulphate of potash (SOP)
project located in the states of Zacatecas and
San Luis Potosi.
Comprised of 4,056 hectares over three mineral
concessions, the project’s inferred mineral
resource has demonstrated that the area
contains 12.3 million tonnes of SOP and 243,000
tonnes of lithium carbonate equivalent.
Petrochemicals15-Jul-2024
NEW YORK (ICIS)–US-based chemical and building
materials producer Westlake Corp has appointed
Jean-Marc Gilson as president and CEO,
effective 15 July. He succeeds Albert Chao, who
becomes executive chairman of the Westlake
board of directors.
Gilson most recently served as president and
CEO of Japan-based Mitsubishi Chemical Group
from 2021 until March 2024. From 2014-2020,
Gilson served as CEO of France-based Roquette,
a family-owned global leader in plant-based
ingredients and a leading provider of
pharmaceutical excipients.
James Chao, the current chairman of the board,
will become senior chairman. All these
appointments take effect 15 July.
“I am excited to welcome Jean-Marc as the
newest addition to Westlake’s management team.
Westlake is in a very strong position supported
by a world-class team, and, having served as
the CEO of Westlake for the last 20 years, now
is the right time to implement our succession
plan,” said Albert Chao, who noted Gilson’s 25
years of executive experience in the chemical
industry in the US, Europe and Asia.
“I am honored and humbled to become the second,
and first non-family, CEO of Westlake,” said
Gilson.
“I have long admired Westlake as a
best-in-class company at the forefront of
delivering life-enhancing products through
innovation in essential materials and building
products,” he added.
Jean-Marc Gilson also becomes president and CEO
and a director of Westlake Chemical Partners GP
LLC, the general partner of Westlake Chemical
Partners LP. Albert Chao will become executive
chairman and James Chao will become senior
chairman of the Westlake Chemical Partners GP
LLC board of directors.
UBS analyst Joshua Spector said the timing
comes as a “bit of surprise”. The Chao family
owns around 75% of Westlake Corp, and Gilson’s
25 years of experience skews towards specialty
chemicals, he noted.
Key questions will be around Westlake’s
strategy and commitment to growing the building
products business, Spector added.
Hydrogen (Energy Editorial)15-Jul-2024
LONDON (ICIS)–Here you can find the latest
edition of our monthly hydrogen podcast, where
ICIS hydrogen market experts discuss key trends
from across the supply chain of this developing
market.
For more information on ICIS hydrogen content,
please email ICIS global hydrogen editor at
jake.stones@icis.com
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Petrochemicals15-Jul-2024
LONDON (ICIS)–Click here to
see the latest blog post on Chemicals & The
Economy by Paul Hodges, which looks at the
growing risk that Europe will deindustrialise.
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.
Speciality Chemicals15-Jul-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 12 July.
Europe ethylene spot
prices turn firmer on demand, feedstock,
looming cracker turnarounds
European ethylene spot prices have firmed week
on week on the back of better-than-expected
demand amid higher feedstock values and an
increasing focus on upcoming planned cracker
maintenance outages.
Global crude demand slows
in Q2, China consumption contracts –
IEA
Global crude oil demand slumped to 710,000
bbl/day in Q2 2024 as China’s post-pandemic
economic rebound ran its course, the
International Energy Agency (IEA) said on
Thursday.
Storm
Beryl damage, economic loss to US estimated at
$28-32 billion
Total damage and economic loss in the US from
Storm Beryl amounted to $28-32 billion,
according to meteorology firm AccuWeather.
Europe chemicals players
expect construction demand to remain sluggish
until H1 2025
Chemicals players in Europe do not expect any
substantial recovery from the building and
construction industry until the first half of
2025 at least.
Flooding to continue
across central US as Beryl moves
inland
Flash flooding is expected as Storm Beryl
continues to progress across the central US,
with blackouts and logistic shutdowns seen in
parts of Texas.
‘Life-threatening’ storm
surge in Texas as Hurricane Beryl makes US
landfall
Hurricane Beryl has made landfall in eastern
Texas and looks set to batter parts of the
state’s key petrochemicals production hubs,
with the US National Hurricane Center (NHC)
warning of a life-threatening storm surge on
Monday.
Crude Oil15-Jul-2024
SINGAPORE (ICIS)–China kicked off a major
meeting in Beijing on Monday to map out the
economic future of the world’s second-biggest
economy, whose recovery is being hindered by a
property slump now on its third year, and a
manufacturing overcapacity.
Q2 GDP growth slows to 4.7%
Fiscal reforms, US/EU protectionism,
private sector promotion to be discussed
Government may push for more affordable
housing measures
The Communist Party of China (CPC) is holding a
third plenary session or plenum since the
members were elected in October 2022, in the
Chinese capital from 15-18 July.
The pivotal meeting began just as China
reported a slowdown in annualized GDP growth in
the second quarter at 4.7% from a 5.3% pace in
the January-March 2024.
The world awaits policy announcements from the
closed-door meeting, in which Chinese leaders
are expected to discuss fiscal and tax reforms,
strategies to counter protectionism from the US
and EU, promotion of domestic private sector,
and address the country’s ailing real estate
market.
The third plenum typically sets China’s
economic agenda over the medium term, with Xi
Jinping serving his third term as Chinese
president.
The CPC’s Central Committee typically holds
seven plenary sessions during its five-year
term, with the third plenum typically garnering
significant international interest.
China is currently on its 14th Five-Year Plan,
which covers 2021 to 2025.
“The third plenum is in the middle of the
five-year plan of the Chinese Communist Party
and therefore is unlikely to witness major
policies,” Alex Ng, founder and head of
research at Hong Kong-based Fortress Hill
Advisors, said in a note for investment
research and analysis firm Smartkarma.
“Rather, there will be fine-tuning of existing
policy direction and some sector-specific
measures.”
The third plenum was delayed from late-2023 as
Chinese leaders have had to grapple with a
multitude of domestic and external headwinds.
First-quarter annualized economic growth was
robust at 5.3%, driven by strong manufacturing
and industrial output, despite patchy consumer
spending.
However, second-quarter GDP growth has slowed
to 4.7% as consumption weakened, official data
showed on Monday.
China’s government has already taken measures
to stabilize growth further this year.
In March, the country’s State Council issued an
action plan to promote large-scale equipment
renewals and trade-ins of consumer goods.
This was followed by the latest property rescue
package in mid-May, comprising of both supply
and demand side measures.
KEY AREAS TO WATCH
A resolution will be presented at third plenum
focused on “comprehensively deepening reform
and advancing Chinese modernization”, aiming to
establish a “high-level socialist market
economy” by 2035, according to an official CPC
document.
“This indicates that the focus of the reforms
will be on promoting long-term high quality
economic development that centers on
innovation, technology, green transition and
the people,” said Ho Woei Chen, economist at
Singapore-based UOB Global Economics &
Markets Research.
“The youth unemployment, ageing population,
hukou system and promotion of domestic
consumption may also come into the picture.”
FISCAL AND TAX
REFORMWith local government’s
revenue from land sales drying up and a high
debt overhang, the central government will need
to transfer more resources to the local
governments and broaden their income sources,
Ho said.
This would help to sustain the economic
recovery as the local governments oversee
stimulating their own regional growth, leading
to more equitable development, she said.
“Reforms to the consumption tax and a
broad-based property tax to provide steady
income streams for local governments could be
considered,” Ho said.
China’s central government collects the
majority of the country’s revenue but allocates
most of it to provincial and local governments,
which are responsible for the majority of
government expenditures.
This leaves local governments strapped for
cash, especially with the struggling property
market. As a result, many local governments are
now facing a serious debt crisis.
EYES ON PROPERTY
MEASURESWhile the continuing
property market downturn requires further
attention from the government, new stimulus
measures are unlikely to be unveiled at the
third plenum.
China announced its latest rescue package for
the property market in May.
The measures to-date have relaxed buying
restrictions and downpayment requirements,
reduced the borrowing costs and established a
yuan (CNY) 300 billion ($41 billion) re-lending
program for social housing.
Nonetheless, the government could reiterate the
direction towards affordable housing market,
including the conversion of unsold homes into
affordable housing.
As of end-2023, the housing ministry has
achieved two thirds of its target to provide
8.7 million units of government-subsidized
rental housing in the 14th five-year plan for
2021-2025.
NEW FORCES FOR
PRODUCTIVITYDuring a visit to
Heilongjiang province in September 2023, China
President Xi urged the nation to mobilize “new
quality productive forces” to stimulate
economic growth.
This refers to the promotion of new growth
drivers for the economy, specifically
innovation in advanced sectors and industrial
system modernization, alongside the upgrading
of traditional sectors such as property and
lower value-added manufacturing and assembly to
enhance efficiency and sustainability.
Xi emphasized that China wants quality growth
and not just high growth for its economy.
This was clearly the CPC’s top priorities at
this year’s National People’s Congress (NPC) in
March, critical for its economic
sustainability, stability, and security.
CPC officials have also emphasized education,
the development of science and technology in
its efforts to build a modern industrial
system.
Insight article by Nurluqman
Suratman
($1 = CNY7.26)
Thumbnail image: Large machinery loading
containers onto the China-Europe freight train
in Lianyungang, China, on 14 July
2024.
(Costfoto/NurPhoto/Shutterstock)
Propylene15-Jul-2024
SINGAPORE (ICIS)–Asia’s propylene (C3) market
will continue to see new capacities coming from
China in H2 2024, while demand is also likely
to improve as new derivative projects come up.
Margin challenges may continue to impact the
market by altering the operations for C3 and
its derivatives.
As China is the largest producer and consumer
globally, dynamics in the country will impact
the wider Asia C3 market.
In this podcast, ICIS senior analyst Joey Zhou
discusses with ICIS analyst Seymour Chenxia the
trends and outlook for Asia’s C3 market in
2024.
Crude Oil15-Jul-2024
SINGAPORE (ICIS)–China’s economy posted a
second-quarter growth of 4.7% year on year,
decelerating from the 5.3% pace registered in
the previous quarter, official data showed on
Monday.
On a quarter-on-quarter basis, the economy
posted a 0.7% growth in Q2, less than half the
1.6% expansion rate posted in Q1, according to
the National Bureau of Statistics (NBS).
In the first half of 2024, China’s GDP growth
averaged 5%, which was in line with the
government’s full-year target.
Persisting property slump, inadequate demand
and overcapacity remain big challenges for the
world’s second-biggest economy, analysts said.
Thumbnail image: Qianwan container terminal
in Qingdao, Shandong province in China – 12
July 2024 (Shutterstock)
Gas15-Jul-2024
SINGAPORE (ICIS)–Here are the top stories from
ICIS News Asia and the Middle East for the week
ended 12 July 2024.
OUTLOOK: Asia naphtha market braces for supply
uncertainties
By Li Peng Seng 12-Jul-24 12:00 SINGAPORE
(ICIS)–Asia’s naphtha market sentiment is
expected to be choppy in the short term due to
a lack of clarity on arbitrage supplies against
volatile demand.
OUTLOOK: Asia EVA market loses shine as demand
from PV sector lags
By Helen Lee 11-Jul-24 11:25 SINGAPORE
(ICIS)–Demand for ethylene vinyl acetate (EVA)
from China’s photovoltaic (PV) industry is
likely to remain lackluster amid an oversupply
in the entire industry chain.
PODCAST: China to accelerate hydrogen
development via energy law
By Patricia Tao 10-Jul-24 11:25 SINGAPORE
(ICIS)–China’s recent decision to include
hydrogen in its draft national energy law
signals a transformative shift in the country’s
energy landscape.
China EV giant BYD to invest $1 billion in
Turkey production plant
By Nurluqman Suratman 09-Jul-24 15:24 SINGAPORE
(ICIS)–Chinese electric vehicle (EV) giant BYD
has agreed to invest $1 billion to set up a
manufacturing plant in Turkey which will
produce up to 150,000 vehicles per year.
PODCAST: Asia recycling market sees increased
interest in pyrolysis
By Damini Dabholkar 09-Jul-24 11:17 SINGAPORE
(ICIS)–Market players in Asia are increasingly
becoming more interested in the use of
pyrolysis oil as fuel.
OUTLOOK: SE Asia PE to see some demand recovery
in H2, challenges persist
By Izham Ahmad 09-Jul-24 15:07 SINGAPORE
(ICIS)–The southeast Asian polyethylene (PE)
market is expected to face modest demand
recovery in the second half (H2) of the year,
but this is likely to be negated by increased
supply and the threat of high freight costs
affecting import shipments.
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