Focus on competitiveness
Expansion and diversification of feedstock
- Acquisition of the propylene splitter assets at the Marcus Hook refinery. With this transaction, the Company not only ensures the operational continuity of the PP plant, but also diversifies its supplier base and improves its production cost structure due to the acquisition of refinerygrade propylene.
- Strengthened its long term commercial arrangement with Enterprise Products for the supply of propylene through various contracts with terms in excess of 15 years. One of these agreements involves the construction by Enterprise of a propane dehydrogenation (PDH) unit.
Commitment to financial health
The average price of naphtha, the main raw material used by the petrochemical industry, fell 13% in 2Q12, following the sharp drop in oil prices in the period. As a result, spreads for resins1 and basic petrochemicals2 in international markets widened by 21% and 41%, respectively. However, demand for petrochemicals remained depressed, driven by the continued downturn in the world economy, which continues to be influenced by uncertainties concerning Europe’s financial crisis and the lower growth of China’s economy.
| On 31st Jul 2021
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