Petrotahlil - Here are some of the top stories from ICIS Europe for the week ended 18 September.
Pandemic hastens crude's demise but hydrocarbons to play a role for decades – BP
The world will aim to move away from fossil fuels at speed post the pandemic, aiming to lessen the impact of climate change via decarbonisation, although hydrocarbons will continue to play a role in materials production, UK energy major BP said on Monday.
Eurozone chemicals output up slightly in July, industrial recovery shows ‘signs of fatigue’
Chemicals output in the eurozone rose slightly more than 1% in July, month on month, a lower increase than average industrial production levels, the EU’s statistical office Eurostat said on Monday.
INSIGHT: Chemicals demand for crude to fall as energy transition takes hold
This is BP’s latest view of how demand for oil as a feedstock for plastics and man-made fibres will develop over time.
Crude demand on ‘treacherous’ path to recovery due to transport, remote working - IEA
The recovery in crude oil demand is on a “treacherous” path as a resurgent coronavirus pandemic in Europe and India, among other places, keeps transport in the doldrums, the International Energy Agency (IEA) said on Tuesday.
German economy improves in September but banking remains a concern - Zew
The German economy has continued to improve in September despite some worrying indicators, economic research group Zew said on Tuesday.
EU proposes tougher 2030 emissions target, will impact chemicals
The European Commission is set to announce a higher target for greenhouse gas emissions reduction by 2030, a move set to negatively affect energy-intensive industries like chemicals.
EU chemicals exports to continue to be hit by emerging economies setback
EU chemicals trade has shrunk this year as the coronavirus pandemic has spread and lockdowns have restricted industrial activity and consumer goods demand.
Bank of England holds interest rates and QE, outlook 'unusually uncertain'
The Bank of England (BoE) on Thursday held its key interest rate at 0.1% and maintained quantitative easing (QE) levels at £745bn as the economic outlook remains “unusually uncertain”.
EU green push ‘hugely challenging’ for chems, emissions burden should be shared - Cefic
The EU's latest emissions reduction target will make carbon pricing more expensive, denting the competitiveness of energy-intensive industries like chemicals, and its cost should be shared among all economic sectors, according to the director general at trade group Cefic.
Europe PE prices languish as US sellers hike for October
Polyethylene (PE) prices in Europe remain remarkably lacklustre in spite of higher numbers and less material offered from the US, puzzling some players.
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Source : ICIS