ADNOC’s agreement to buy Covestro ahead of next week’s European Petrochemical Association (EPCA) annual meeting highlights the challenges and opportunities facing Europe’s beleaguered chemical industry.

- Abu Dhabi National Oil Co (ADNOC) to acquire Covestro for equity value of €11.7 billion

- ADNOC diversifies downstream from oil and gas

- Covestro global leader in polycarbonate (PC) and polyurethenes (PU)

- PC and PU struggles with poor demand from automotive, construction

- Covestro operating profit slumped from around Euros3bn in 2021 to near euros 1bn in 2023

- Covestro boasts strong sustainability-related product portfolio

- More M&A likely in Europe petrochemicals thanks to cheap bottom of cycle valuations

- Oil prices may collapse to $30/bbl if OPEC goes for market share

Connect with ICIS at EPCA 2024 in Berlin. ICIS will host a presentation at 2pm on Wednesday 9 October at Potsdam I, InterContinental Hotel.

Ahead of the approaching European Petrochemical Conference (EPCA) in Berlin 7-10 October, ICIS editors discuss market conditions in a variety of solvent markets.

- Market updates on methyl ethyl ketone (MEK), methyl isobutyl ketone (MIBK), isopropanol (IPA), phenol, acetone, toluene, mixed xylenes, glycol ethers and propylene glycol ethers, butyl acetate and ethyl acetate.

- Trade flows and impact of freight rate movements

- Overcapacity versus low demand levels

- Upcoming maintenance programmes

In this episode, Jane Massingham talks to editors Nick Cleeve, Jane Gibson, Zubair Adam, Cameron Birch and Marion Boakye.

Ahead of the approaching European Petrochemical Conference (EPCA) in Berlin 7-10 October, ICIS editors discuss market conditions in the olefine and derivative chain.

- Market updates on propylene, ethylene, polypropylene (PP), polyethylene (PE), monoethylene glycol (EG), ethylene oxide (EO), polyvinyl chloride (PVC), acrylonitrile, monopropylene glycol (MPG) and oxo-alcohols

- Trade flows and impact of freight rate movements

- Overcapacity versus low demand levels

- Upcoming cracker turnarounds

In this episode, Jane Massingham talks to editors Nel Weddle, Vicky Ellis, Melissa Hurley, Chris Barker, Nazif Nazmul and Nicole Simpson.