"整体上看，2025年原油价差波动幅度较2024年显著收窄，全年日均价差为3.39美元/桶，较2024年的 3.92美元/桶下降13.62%。"赵鲁涛表示。 中化新网讯 "2025年国际油价在多重因素作用下，展现出更为复杂的波动特征，价格中枢较2024年大幅 下降。预计2026年国际原油市场根本性变革还将持续，基本面主导油价走势，供需宽松格局下，油价下 行压力加大，布伦特、美国西得克萨斯中质(WTI)原油均价将分别在53~63美元/桶和49~59美元/桶。"这 是1月11日在北京举行的2026年能源经济预测与展望研究报告发布会上传出的消息。 "从基本面看，供应过剩背景下，预计2026年全球原油库存水平或将持续攀升。以能源安全为导向的战 略储备回补，虽有助于优化库存结构、吸收部分过剩供应，但全球库存累积压力仍可能延续，对国际油 价构成下行压力。"赵鲁涛介绍说，一方面，随着全球经济增速放缓，能源转型步伐加快，难以对原油 需求增长形成有力支撑，2026年油价上行动力不足;另一方面，为维护石油市场稳定，OPEC+已出现阶 段性暂停原定增产安排的趋势，后续将根据市场情况灵活调整增产节奏，非OPEC+供应能力持续扩 张， ...

Core Viewpoint - Air Liquide has successfully completed the acquisition of DIG Airgas, a leading integrated gas company in South Korea, marking a significant milestone following its acquisition of Airgas in the United States a decade ago [1] Group 1: Acquisition Details - The acquisition will double the number of employees for Air Liquide in South Korea and increase total sales to €900 million [1] - The transaction was completed ahead of schedule, which is expected to enhance the overall performance of the group earlier than anticipated [1] Group 2: Strategic Implications - The global expertise and technology of Air Liquide align well with DIG Airgas's gas business in key industrial bases in South Korea, allowing for a high degree of complementarity in assets and advantages [1] - South Korea's strong economic development and innovation capabilities position its industrial gas market as the fourth largest globally, with expectations to double in size by 2035 [1] Group 3: Synergies and Financial Impact - The acquisition is projected to generate significant synergies, including nearly 20 upcoming projects that will contribute to growth [1] - Long-term contracts are expected to bring in over €50 million in additional EBITDA before interest, taxes, depreciation, and amortization (EBITDA) by 2030, with cost synergies contributing at least €15 million in additional EBITDA by the same year [1]

Core Insights - Haffner Energy and IGNIS's P2X platform have launched the AeroVerde project in Spain to produce bio-SAF and e-SAF, addressing the EU's renewable aviation fuel supply chain challenges [1] Group 1: Project Overview - The AeroVerde project utilizes a localized, circular economy model to tackle the current gaps in the European SAF industry [1] - Haffner Energy's patented technology converts local waste biomass in Spain into hydrogen-rich synthesis gas for bio-SAF production [1] - The process generates bio-based CO2, which is combined with green hydrogen produced from renewable energy by IGNIS P2X to create e-SAF [1] Group 2: Environmental Impact - The dual-pathway technology of "biomass + green electricity" aims to optimize resource utilization and significantly reduce lifecycle carbon emissions [1] Group 3: Market Implications - If successful, the project will provide the EU aviation industry with a localized decarbonization pathway that does not rely on imported raw materials [1] - The initiative is expected to intensify regional competition in the high-end chemicals and clean fuels sectors globally [1] - Europe is attempting to redefine the rules and structure of the green fuel supply chain through such projects [1]

Group 1 - The price of hydrogenated vegetable oil (HVO) is expected to remain strong in 2026, supported by stricter fuel blending policies in Europe and North America, and emerging demand in the Asia-Pacific region [1] - The European Union aims to reduce greenhouse gas emissions in the transportation sector by 14% by 2026, which will directly increase the blending ratio of HVO in diesel [2] - The removal of the "double counting" rule in countries like the Netherlands, Poland, and Italy is expected to double the demand for HVO in diesel, with Germany likely to follow suit [2] Group 2 - In 2025, the average import volume of renewable diesel in the U.S. dropped significantly to 5,000 barrels per day, down from 33,000 barrels per day in the same period of 2024, due to domestic tax incentives favoring local production [3] - The U.S. federal budget extended the 45Z tax credit for biofuels made from crops grown in the U.S., Canada, and Mexico, which has reduced the competitiveness of imported fuels [3] - The shift in U.S. policy has transformed the market from one that subsidized HVO exports to the EU to one that is dominated by domestic consumption, leading to a decrease in global HVO supply [4] Group 3 - In the Asia-Pacific region, countries like Australia are actively pursuing HVO initiatives, with an 11 billion AUD clean fuel plan aimed at low-carbon transitions in mining and aviation [4] - Emerging sectors such as heavy mining, aviation, and data centers are expected to drive global HVO demand growth in 2026 [4] - Some cruise companies are piloting 100% pure HVO fuel, although the higher costs compared to traditional fuels may limit widespread adoption [5] Group 4 - Analysts warn that increased competition in the raw material market due to new bio-refinery installations will put pressure on prices in 2026 [6] - The EU's sustainable aviation fuel policy and the U.S. domestic production incentives are expected to consume most of the market supply, leading to competition for resources in Asia and other emerging markets [6]

近日，欧洲市场人士表示，欧盟委员会近日对碳边境调节机制(CBAM)的相关操作将欧洲化肥市场推入 混乱境地。受政策适用范围与实施时间的不确定性持续发酵影响，欧洲化肥贸易已近乎全面停滞。来自 普氏资讯的信息显示，新年以来，欧盟范围内尿素等核心化肥产品还完全没有成交，农户与供应商在定 价上分歧严重，根本无法达成共识。 2025年12月，欧盟委员会提出为CBAM法案新增第27a条，设立一项"紧急制动"条款，旨在应对可能影 响商品价格的"严重且突发的特殊情况"。2026年1月7日，欧盟委员会副主席马罗什・谢夫乔维奇在与 法、意两国农业部长磋商后表示，第27a条可用于扶持农业领域。在随后的新闻发布会上，他进一步暗 示该条款的效力或可追溯至CBAM正式生效的2026年1月1日，欧盟委员会在1月8日发布的第27a条修订 指导文件明确，该条款允许欧盟在"严重且突发的特殊情况"下，将部分商品移出CBAM的管控范围，且 这项调整具备追溯效力。 化肥行业是CBAM机制管控下受冲击最严重的领域。相较于钢铁等工业品，化肥的"碳价值比"要高出许 多，这意味着CBAM机制的落地会对化肥价格造成更为剧烈的冲击。 欧盟委员会也考虑到这一特殊性， ...

Core Insights - The European chemical industry is facing significant challenges, including a shrinking global market share and increased competition, with its share of the world chemical market dropping to 13% [1] - In the previous year, the industry generated a revenue of €635 billion and directly provided 1.2 million jobs, serving as a crucial support for key sectors such as automotive and healthcare [1] - Energy costs remain a primary concern, with European natural gas prices consistently three times higher than those in the United States, which continues to erode the industry's cost competitiveness [1] Industry Challenges - The industry is experiencing weak demand, increasing import pressures, and persistently low capacity utilization rates, which are currently 9.5 percentage points below the average levels from 2014 to 2019 [1] - Despite maintaining a net export position due to high-value specialty chemicals, the growth of Europe's trade surplus has not kept pace with global trade expansion, leading to a relative decline in market position compared to other major exporting regions [1]

中化新网讯 近日，尽管面临来自美国政府的明确施压，但美国主要石油公司纷纷表示，他们对重返委 内瑞拉仍持高度谨慎态度。安全风险、法律保障缺失以及投资风险，成为企业决策的首要顾虑。 尽管斯伦贝谢首席执行官奥利维尔·勒佩什表达了基于近一个世纪合作经验的积极意愿，称在条件具备 时可快速动员当地资源支持运营，但投资规模之巨仍是美油企的普遍担忧。分析师指出，重建委内瑞拉 破败的石油基础设施可能需要长达数年、数百亿美元的资金投入，而产能恢复却相对有限。 目前，雪佛龙是唯一依据美国特别许可证在委内瑞拉持续运营的大型美国油企。美国内政部长道格·伯 古姆在同期表态中明确，华盛顿不太可能提供财政补贴，投资资本必须来自能源公司自身及市场。 近期，美国总统特朗普在白宫与近20位石油企业高管会晤，敦促其承诺投资以帮助重振委内瑞拉的石油 产业。美国政府虽提出可能提供安全担保的设想，但企业高管普遍表示，仅有安全保障远不够，合同稳 定性与治理结构方面的可靠保证仍严重缺失。 埃克森美孚首席执行官达伦·伍兹明确表示，委内瑞拉目前处于"不可投资"状态。"必须建立持久的投资 保护机制。"伍兹强调。 ...

挪国油挪威大陆架业务执行副总裁谢蒂尔·霍夫表示，此举旨在实现2035年前日均120万桶油当量的稳产 目标，并通过深化与供应商的创新合作，强化核心竞争力，持续为欧洲输送稳定能源。为达成上述目 标，挪国油计划每年在挪威大陆架投入60亿~70亿美元，用于提高采收率项目及新油田开发。配套作业 计划包括每年钻探250口勘探井、600口提高采收率井，实施300次油井干预作业，推进2500个改造项 目，并推动75个以上水下开发项目落地，这些项目均将接入现有基础设施以降低成本。 重点项目方面，挪国油及其合作方已投资3.96亿美元，为北极巨型油田约翰·卡斯伯格建设首个对外连接 分支系统，接入新油气发现区块。公司北部勘探与生产业务高级副总裁葛蕾特·比尔吉特·哈兰德透露， 该项目有望新增2.5亿~5.5亿桶可采储量。目前，挪国油正通过勘探已运营油田周边资源、分支连接并 网等低成本模式，进一步提升整体产能。 计划投入100亿美元用于维护改造能源设施 中化新网讯 近日，挪威能源巨头挪威国家石油公司(Equinor)宣布，近期与7家供应商签署12项框架协 议，总价值达100亿美元。这些合同将于2026年上半年陆续生效，基础期限5年，另附 ...

Core Insights - The Thai petrochemical and plastics industry, which accounts for approximately 20% of the country's GDP, is facing significant challenges as economic growth is expected to slow from 2.2% in 2025 to 1.5% in 2026 [1] - The industry is under pressure from both currency appreciation and trade barriers, with the Thai baht expected to appreciate by 8.2% against the US dollar in 2025, reducing price competitiveness for USD-denominated exports by over 8% [1] - The imposition of a 19% tariff on Thai goods by the US, effective since August of last year, is anticipated to lead to a drastic decline in export growth from 12% in the second half of last year to just 0.6% in 2026 [1] - Demand-side structural weaknesses are evident, with manufacturing PMI remaining at 57.4 but external order growth slowing and domestic consumption under pressure, indicating reduced willingness to procure raw materials and potential impacts on operational rates [1] Industry Response Strategies - Companies need to reassess raw material procurement strategies, considering an increase in regional sourcing [2] - There is a shift towards enhancing production capacity for high-value specialty chemicals and bio-based materials as a transformation direction [2] - Expanding into ASEAN internal markets and emerging markets in the Middle East and Africa is deemed urgent [2] - The Thai central bank may further cut interest rates to stimulate the economy, but the industry requires targeted export tax rebates and support for industrial upgrades [2] - The adjustments will test the supply chain resilience and product innovation capabilities of the Thai petrochemical industry, with companies that can quickly adapt product structures and optimize cost control gaining competitive advantages [2]

Core Insights - Gansu Yingguang Chemical Industry Group Co., Ltd. has implemented a comprehensive safety management system through grid management, expert empowerment, and targeted control since 2025 [1][2] Group 1: Safety Management Strategies - The company has divided management and on-site responsibilities into specific areas, ensuring accountability and standards are assigned to individuals [1] - Weekly inspections led by company leadership encourage departments to engage in self-learning, self-checking, and self-correcting practices [1] - The quality of hazard identification is integrated into the self-management evaluation system, promoting a culture of shared responsibility for safety [1] Group 2: Expert Team and Technical Oversight - In 2024, the company formed an expert team focused on safety, consisting of safety experts and skilled personnel to address technical issues in hazard identification [1] - In 2025, the expert team conducted 22 specialized inspections, significantly improving the identification and management of technical hazards [1] Group 3: Targeted Management and Risk Control - The company has developed an "8+3" management model for special operations, standardizing eight major special operations and adding three high-risk operations for integrated management [1] - Daily appointments and risk identification measures are implemented, along with monthly special inspections to ensure comprehensive risk control [1] - Major accident hazards are addressed through monthly inspections led by key personnel, with a mechanism established to prevent recurrence [1] Group 4: Checklist Management - The company has adopted a checklist management approach, defining responsibilities across four levels: company leadership, professional departments, sub-factories, and teams [2] - A total of 15 types of related party operations have been identified, with differentiated risk control strategies developed for each [2] - Safety training resources are shared among teams, and pre-shift meetings are conducted to reinforce safety protocols [2]