
News library
Subscribe to our full range of breaking news and analysis
Commodity group
Region
Date
Viewing 57811-57820 results of 58580
Petrochemicals07-Jul-2025
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which looks at the growing risks in the US
housing market.
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 Chemicals07-Jul-2025
LONDON (ICIS)–Here are some of the top
stories from ICIS Europe for the week ended 4
July.
Europe chemicals producer prices in May fell
at faster rate than previous months
European chemicals producer prices continued
to fall in May at a more significant rate
than previous months, according to the latest
data from Eurostat.
Europe heatwave ignites demand for domestic
PET
Soaring temperatures across much of Europe
are creating demand for European polyethylene
terephthalate (PET), but any optimism remains
cautious.
INSIGHT: EU regulatory certainty needed to
boost bio-naphtha, pyrolysis oil
growth
Continued regulatory uncertainty over the
status of bio-based plastics and pyrolysis
oil within the EU is hampering demand from
the petrochemicals sector, stalling
investment, and fragmenting prices by end-use
for both bio-naphtha and pyrolysis oil.
INSIGHT: Crude prices return to earth as Iran
fears cool
Crude pricing has shifted back to its former
footing after surging costs in a week of
Middle East political unrest led some
analysts to predict the return of
triple-digit dollar barrels, with pricing set
to slip further in the mid-term.
INSIGHT: Europe toluene and TDI value chains
demand washed out
Demand for toluene and downstream toluene
diisocyanate (TDI) has been moving with slow
momentum with no expectations for a
substantial recovery in the near term.
Gas07-Jul-2025
SINGAPORE (ICIS)–Here are the top stories
from ICIS News Asia and the Middle East for
the week ended 4 July.
PODCAST: Steel,
aluminum, cement – China-EU dialogue on
hydrogen and carbon markets
By Patricia Tao 30-Jun-25 11:52 SINGAPORE
(ICIS)–China’s expansion of its carbon
market and the EU’s implementation of Carbon
Border Adjustment Mechanism (CBAM) are
reshaping the landscape for high-emission
industries. Steel, aluminum, and cement are
under increasing pressure to decarbonize, and
hydrogen is emerging as a strategic solution.
India, China BPA import
prices slump; ample supplies to
persist
By Li Peng Seng 30-Jun-25 13:10 SINGAPORE
(ICIS)–Import prices of bisphenol A (BPA) in
India and China have sunk to their 4.5-year
lows amid oversupply and economic headwinds.
Feedstock shortage,
supply imbalance reignite Asia C2 arbitrage
trades
By Josh Quah 30-Jun-25 16:19 SINGAPORE
(ICIS)–A coincidental meeting of
geopolitical and trade headwinds has
re-opened deep-sea arbitrage window for
ethylene (C2) into northeast Asia, a
circumstance not seen in Asia ethylene
markets since 2024.
Indonesia to relax
import rules on some goods, including
chemicals, textiles
By Jonathan Yee 01-Jul-25 14:12 SINGAPORE
(ICIS)–Indonesia announced plans to relax
import regulations on some goods, including
chemicals, electronics and textiles, about a
week before the US’ suspended “reciprocal”
tariffs take effect.
China manufacturing PMI
returns to growth despite US tariffs –
Caixin
By Nurluqman Suratman 01-Jul-25 12:37
SINGAPORE (ICIS)–China’s factory activity
returned to expansion in June, as higher new
order inflows supported a renewed rise in
output, a private-sector survey by Chinese
media firm Caixin showed on Tuesday.
BLOG: After the bombs:
Israel-Iran and three long-term
scenarios
By John Richardson 01-Jul-25 14:38 SINGAPORE
(ICIS)–Click here to see the latest blog
post on Asian Chemical Connections by John
Richardson: The recent “12-day-war” between
Israel and Iran has irrevocably altered the
dynamics of the Middle East. What comes next?
INSIGHT: Weakness at
Asia factories persists as US tariffs
loom
By Nurluqman Suratman 02-Jul-25 13:12
SINGAPORE (ICIS)–Asia’s manufacturing sector
exhibited signs of further weakness in June,
with most economies in the region registering
purchasing managers’ index (PMI) readings of
below 50, indicating a deepening slump in
factory activity.
INSIGHT: Transshipment
tariffs of 40% unclear in US-Vietnam trade
deal
By Nurluqman Suratman 03-Jul-25 14:21
SINGAPORE (ICIS)–The finer points of US
President Donald Trump’s trade deal with
Vietnam were notably vague, particularly
concerning a 40% tariff targeting “any
transshipping”.
INSIGHT: Vietnam-US
trade deal points to higher tariff rates for
SE Asia
By Nurluqman Suratman 04-Jul-25 13:44
SINGAPORE (ICIS)–The trade deal between
Vietnam and the US, particularly its focus on
transshipment, suggests other economies in
southeast Asia may also face significantly
higher tariff rates than the current
universal 10% tariff.

Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Gas04-Jul-2025
SAO PAULO (ICIS)–Petrobras is mulling
production plants for acetic acid and
monoethylene glycol (MEG) at its site in Rio de
Janeiro as part of its 2025-2029 capital
expenditure plans of Brazilian reais (R) 33
billion ($6.08 billion), the Brazilian
state-owned energy major said this week.
Ethylene supply, necessary for acetic acid
and MEG plants, uncertain
Investments in Rio could indicate favorable
Petrobras-Braskem dynamics
New cabinet in 2027 may bring new Petrobras
CEO, new capex plans
While Petrobras fell short of giving more
details on the petrochemicals investments, the
company was more specific on capex plans for
base oils and several fuels, including
biofuels.
In base oils, a company executive said earlier
in the week at an industry event in Rio that
the company is targeting 2029 for first
production from its Group
II base oils project at the Boaventura
Energy Complex, also called as the municipality
is in, Itaborai.
The acetic acid and MEG plants would also be
built at the complex.
“A study for the production of acetic acid and
MEG is under evaluation at the Boaventura
Complex. Acetic acid is an important raw
material for the production of paint, PET
[polyethylene terephthalate], and the broader
chemical industry,” it said.
“Brazil currently imports its entire acetic
acid demand and complements MEG demand with
imports.”
The company had not responded to a request for
additional comment at the time for writing.
For instance, to produce acetic acid and MEG
Petrobras would need a supply of ethylene,
which is in short supply in Rio unless
petrochemicals major Braskem expanded its
cracker in the state.
Petrobras is the second largest shareholder in
Braskem – with a stake of 36.1% although voting
rights of 47% – and both companies are at the
same time in talks on natural gas supply to
Braskem’s Duque de Caxias complex in Rio.
In coming years, the company will aim to switch
feedstock at the site, from the current plans
mostly running on crude-based naphtha into
natural gas-based ethane facilities, currently
more competitive.
Analysts have said those investments will
require large sums in coming years, but
most of all would need the until now elusive
gas on natural gas, which basically depends on
Petrobras given its dominance in the Brazilian
market.
In June, Braskem said the deal on gas, if
reached, could unlock investments at its
site of R4.3 billion.
In fact, on Friday afternoon Petrobras released
another statement which mentioned Braskem as
investing R4 billion in Duque de Caxias, which
would add to the R29 billion Petrobras is to
invest and making the total R33 billion.
The first statement had mentioned those two
figures but linked the R4 billion to another
project operating in “synergy” with its assets.
On Friday, the statement read: “Of the total to
be invested, R29 billion will be contributed by
Petrobras and R4 billion by Braskem, in a
project that works in synergy with Petrobras
assets.”
Also, in the previous release it mentioned
Braskem’s R4 billion figure another time but,
as it had been the official position up to now,
those interments were subject to final
approvals.
Braskem’s own positioning on Friday was indeed
the same. In a statement sent to ICIS late on
Friday, the company said the potential
investments – which it has always said would be
R4.3 billion instead of Petrobras’ figure –
remained only a potential because the deal with
Petrobras on ethane has not yet been signed.
FUELS, LUBRICANTSApart
from targeting production 12,000 barrels/day of
base oils Group II by 2029, Petrobras’ special
products commercial manager, Ulysses
Donadel, also said at the industry event the
company is mulling production of re-refined
base oils (RRBO).
Later, Petrobras’ statement on capex this week
gave more clarity on capacities. It said it
will also increase capacities for production of
S-10 diesel, up by 76,000 barrels/day, and jet
fuel, up by 20,000 barrels/day.
The plans also include a “dedicated” biofuels
facility for production of 19,000 barrels/day
of hydrotreated vegetable oil (HVO) and
sustainable aviation fuel (SAF).
“The project also includes two gas-fired power
plants at the Boaventura Complex, which will
participate in capacity reserve auctions. The
engineering project for the power plants has
been approved, and the units will leverage
synergies with the infrastructure of the
Itaborai Natural Gas Processing Unit (UPGN),”
said Petrobras.
“A lubricant oil re-refining project with a
capacity of 30,000 cubic meters (cbm)/month, or
6,300 barrels/day, is also under evaluation at
Reduc [its other side in Rio, included in the
same complex as Duque de Caxias].
“With the operation of the Boaventura Complex
for Group II lubricant oil production, Reduc
may repurpose existing units to re-refine used
oil, applying the circular economy concept to
generate high-value products from waste,” it
added.
The company said the co-processing test is
expected to take place this year after it had
been authorized by Brazil’s oil and gas
regulator the ANP. Petrobras said initial tests
had proved reductions in emissions.
As part of its green efforts, the company said
it will build a new thermal power plant at
Reduc to replace “obsolete” steam and power
generation equipment, with expected capex of
R860 million.
“Investments of up to R2.4 billion in
maintenance shutdowns at Reduc are also planned
from 2025 to 2029, to ensure the integrity,
reliability, and safety of the facilities.
Major shutdowns are scheduled for 2026 in the
delayed coking and hydrotreatment units of the
refinery,” the company added.
UNCERTAINTIESIn May,
Petrobras said it had started commercial
operations at the second module of that
Natural Gas Processing Unit (NGPU) at the
Boaventura Energy Complex, an expansion which
stalled in the mid-2010s as the company got
embroiled the Latin American-wide corruption
scandal known as Lava Jato.
Brazil’s rampant corruption levels have dwarfed
many industrial plans before, but in the case
of Petrobras there is an additional factor.
The company is de facto controlled by
the government in office in Brasilia, and the
CEO is directly appointed by the president and
it basically has the same status as a minister.
Current polling shows the current center-left
cabinet of Luiz Inacio Lula da Silva may
struggle to revalidate the coalition of parties
which support it in Parliament in the general
election to be held in October 2026.
In other words, a new president may appoint a
new CEO – Lula has appointed two since 2023 –
and it remains to be seen whether there will be
new priorities.
Moreover, some of the investments mulled in the
sizeable capex plans to 2029 depend not only on
Petrobras but other players in the chain.
if a change at the helm does occur, it will be
also interesting to see what direction
Petrobras takes on fertilizers policy.
The previous center-right administration
mandated a complete exit from the sector, even
leaving some plants idle in a powerhouse
agricultural country that depends largely on
imports.
That policy has been completely reversed since
2023 and Petrobras is amid considerable
investments to revive the fertilizers division.
Front page picture: Rio de Janeiro’s Duque
de Caxias/Reduc complex
Picture source: Petrobras
Focus article by Jonathan
Lopez
Additional reporting by Al
Greenwood
Crude Oil04-Jul-2025
SAO PAULO (ICIS)–Woodside’s Trion crude oil
joint venture with Mexico’s state-owned Pemex
is 25% complete and construction is running on
budget and on time with expected start-up date
for 2028, the US energy producer said to ICIS.
The Trion project is expected to produce
100,000 barrels/day. Woodside is Trion’s
operator and has a 60% stake. Pemex holds the
remaining 40%. Total capital expenditure
(capex) is set to stand at s $7.2 billion.
This week, Woodside and Pemex’s project was
mentioned by the International Energy Agency
(IEA) as one of the few projects coming up in
the Mexican oil and gas sector, and one of the
few ones where a foreign company has a
significant participation, given the dominant
role Pemex plays in the Mexican market.
In its annual Oil 2025 report, the IEA
said Mexico is set to become the country where
oil
production falls the most in the next five
years, decreasing to 1.29 million
barrels/day by 2030. If realized, the figure
would represent less than half of the nearly 3
million barrels/day Mexico was producing in the
early 2000s.
Woodside said Trion’s 100,000 barrels/day would
increase Mexico’s oil production by
approximately 7% when operational.
Mexico’s oil output stood in 2024 at 1.97
million barrels/day. For years, Mexico’s
government has fallen short of setting up
targets or issuing forecasts.
However, if Trion is to add 7% to national
output with 100,000 barrels/day when
operational in 2028, Woodside’s calculations
would be in line with those of the IEA, which
expects national output to be at around 1.47
million barrels/day in 2028.
Woodside had not responded to a further enquiry
to clarify that point at the time of writing.
Even taking into consideration Trion’s expected
output, the IEA still forecasts total output to
fall further in 2029 and 2030.
Crude output
(in million barrels)
2024
2025
2026
2027
2028
2029
2030
Mexico
1.97
1.84
1.74
1.60
1.47
1.40
1.29
Source: IEA
“As the only foreign oil and gas company
operating in the deepwater, Woodside is proud
to partner with Mexico to develop the Trion
Project and help achieve the country’s energy
goals. Trion is a nationally significant
project being pursued in partnership with
Pemex. It is progressing on budget and on
schedule for start-up in 2028 and it is now
over 25% complete,” said Woodside.
“The project is estimated to increase national
oil production by approximately 7% and generate
more than $10 billion in cumulative taxes and
royalties for Mexico over its life. The
expected returns from the development exceed
Woodside’s capital allocation framework targets
and will deliver enduring value to Woodside
shareholders as well as the people of Mexico.”
Woodside did not address questions about
Pemex’s role as a partner in the joint venture,
considering some of the company’s governance
running problems, nor whether partial or full
privatization of the oil major would help
the country recover some output it has lost or
is expected to lose.
Pemex and Mexico’s ministry of energy
(Secretaria de Energia) had had not responded
to ICIS’ requests for comment at the time of
writing.
The Trion project is located in
the Perdido Fold Belt, 180 kilometers off
the Mexican coastline and 30 kilometers south
of the US-Mexico maritime border and is at a
water depth of 2,500 meters approximately.
Front page picture: Trion
Project
Picture source: Woodside
Speciality Chemicals04-Jul-2025
LONDON (ICIS)–As geopolitical tensions cooled,
the chemicals industry did not have time to
react to the spike in oil prices, and the
seasonal demand drop in Europe could be more
severe than the traditional summer lull.
China polypropylene flooding global market,
outpacing domestic demand
Chemicals industry as leading indicator
warns of wider economic ill-health
Shutdown of plants in Europe is massive
crisis
Vietnam 20% tariff from US will weigh on
both economies
Risks of US cutting social security and
international relief funding
Key economies not as strong as presented
Climate change needs to be a priority for
businesses
CEOs beset with challenging conditions
Working patterns reshaped by climate change
Stark landscape provides opportunities for
innovators to thrive
In this Think Tank podcast, Morgan
Condon interviews John
Richardson from the ICIS market
development team, and Paul
Hodges, chairman of New Normal
Consulting.
Editor’s note: This podcast is an opinion
piece. The views expressed are those of the
presenter and interviewees, and do not
necessarily represent those of ICIS.
ICIS is organising regular updates to help
the industry understand current market trends.
Register here.
Read the latest issue of ICIS
Chemical Business.
Read Paul Hodges and John Richardson’s
ICIS
blogs.
Recycled Polyethylene Terephthalate04-Jul-2025
LONDON (ICIS)–Senior Editor for Recycling,
Matt Tudball, discusses the latest developments
in the European recycled polyethylene
terephthalate (R-PET) market, including:
Colorless bale prices drop in NWE, Eastern
Europe and Italy
Colorless flake reductions in NWE, Eastern
Europe and Southern Europe
Mixed colored flake, food-grade pellet
prices stable for now
Gas04-Jul-2025
LONDON (ICIS)– The Energy Community celebrates
its 20th anniversary this year.
Established in the aftermath of the Balkans war
and the accession of many central European
countries to the EU, the institution faces
similar challenges now, being instrumental in
supporting Ukraine’s energy resilience in the
face of Russian attacks and assisting
contracting parties on their path towards EU
energy market integration.
In this interview, Energy Community director,
Artur Lorkowski, tells ICIS journalist Aura
Sabadus about the pending opening of the EU
energy chapter for Ukraine, Moldova and
Bosnia-Herzegovina as part of their accession
negotiations as well as the work done to engage
observer countries such as Armenia and
Norway.
Crude Oil04-Jul-2025
LONDON (ICIS)–European chemicals producer
prices continued to fall in May at a more
significant rate than previous months,
according to the latest data from Eurostat on
Friday.
Prices for chemicals manufacturers fell by 1.0%
in the EU and 0.9% in the eurozone, supported
by declines in key producing countries.
Germany saw the most moderate decline at 0.5%
on April prices. The biggest decline was
recorded by Spanish producers, down 1.4%,
following a 1.0% decrease a month prior, while
France tracked a 1.1% drop compared with a 1.5%
drop in April.
Lower prices for the chemicals sector
outstripped the fall in overall industrial
producer prices, which was 0.6% lower for both
regions.
The main driver for decreases was energy
pricing, which dropped 2.3% in the EU and 2.1%
in the eurozone, with all other segments for
remaining relatively stable on the previous
month.
This decline in energy pricing was key to lower
chemicals prices for May, as this provided some
leverage for producers to offer more
competitive rates while providing some buffer
to margins.
Poor demand in Europe has meant that producers
could not sustain prices at higher levels,
despite a challenging business environment, as
cheap imports remain abundant for many
commodities.
Overall producer prices continue tracking
declines at less substantial than a year prior,
although they remain significantly higher than
2021 levels, when markets were reshaped in the
aftermath of the pandemic.
Source: Eurostat
Eurostat data is subject to revision.
Thumbnail image source: Shutterstock
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.
READ MORE
