Despite the new unit not yet achieving on-spec production, SP Chemicals has begun offering near-prime cargoes to the spot market. This move has raised significant concerns among market participants, particularly given the ongoing weakness in demand.
In 2022, Ineos acquired a 50% stake in Sinopec’s Tianjin Nangang Ethylene Project as part of its strategy to expand its footprint in China. This acquisition is one of four strategic partnerships between Ineos and Sinopec, which include plans to produce ABS and HDPE pipe grades.
The GPPS facility has been under pressure due to subdued market demand and challenging economic conditions. Despite efforts to improve operational efficiency, the decision reflects persistent economic headwinds impacting the petrochemical industry.
Shintech, a subsidiary of Shin-Etsu Chemical and the world’s largest producer of PVC, has announced the commencement of commercial production at its newly established PVC plant in Plaquemine, Louisiana, USA. The facility is expected to reach full operational capacity by the end of the month.