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A high carbon tax could erode up to 60% of Asia’s total refining earnings by 2027, says Wood Mackenzie, at the Global Energy Summit Focus Week.
China’s purified terephthalic acid (PTA) producers have been using the futures market to price PTA in the spot market, hedge against risks and manage inventory. This has allowed many to stay profitable, despite market uncertainty and disruption brought by the coronavirus pandemic, says Wood Mackenzie.
Much of China’s polyolefins demand growth in 2020 will depend on global appetite for plastic end-products, says Wood Mackenzie.
A new report from Wood Mackenzie shows that olefins production losses in Asia have reached historical highs as a result of regional lockdowns in the wake of the coronavirus outbreak.
In a recently published report, Wood Mackenzie predicts the start of a downcycle in China’s petrochemical industry. A supply overhang has already hit the country’s paraxylene (PX) market, with olefins and polyolefins markets almost certain to face the same.
Higher base chemicals demand and feedstock security for heavy naphtha are driving the development of a new wave of mega-integrated refinery and chemical sites in China. Private Chinese chemical producers, including Hengli and Rong Sheng, are back-integrating their chemical plants with refineries by building mega-integrated facilities. Wood Mackenzie expects these projects to come on stream in the next 12 to 24 months.
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