Group 1 - The European Commission has announced multiple revisions to the EU Emissions Trading System (ETS) guidelines to assist high-energy industries facing carbon leakage risks, including the petrochemical sector [1][2] - The revisions are part of the European Chemical Industry Action Plan released earlier in 2025, aimed at addressing the rising ETS costs that have increased carbon leakage risks for high-energy industries [1] - The updated guidelines expand the list of eligible industries for compensation, adding 20 new industries and 2 sub-industries, including petrochemicals, and increasing the aid intensity from 75% to 80% to mitigate the carbon leakage risks [2] Group 2 - The current ETS guidelines allow member states to partially compensate industries at risk of carbon leakage due to high electricity prices caused by rising carbon costs [2] - The revisions are crucial for the struggling European petrochemical industry, providing significant support against high electricity prices, which have been a major concern for the sector [2] - The revised ETS is expected to alleviate electricity cost pressures on the petrochemical industry while enhancing its international competitiveness and supporting decarbonization efforts [2]

Core Viewpoint - Woodside Energy has signed a binding long-term LNG supply agreement with Turkey's state-owned pipeline operator BOTAS, marking a significant step in their previously announced non-binding cooperation [1] Group 1: Agreement Details - The agreement stipulates that Woodside will supply approximately 500,000 tons of LNG annually to Turkey starting in 2030, equivalent to about 5.8 billion cubic meters of natural gas over a period of nine years [1] - The LNG will primarily be sourced from Woodside's Louisiana LNG project currently under construction in the United States, supplemented by its global resource portfolio [1] Group 2: Strategic Implications - For Woodside, this agreement demonstrates the flexibility of its LNG resource portfolio and aligns with its strategy to increase long-term contract volumes linked to new U.S. export capacity, providing essential commercial support for the Louisiana LNG project [1] - For Turkey, this move is crucial for diversifying gas sources amid global market volatility and Europe's efforts to reduce dependence on Russian pipeline gas, reinforcing its position as a regional gas hub [1]

Core Viewpoint - KBR has authorized its green methanol technology and related equipment for a biochemicals project in Saudi Arabia, marking a significant step for green energy development in the Middle East [1] Group 1: Company Overview - KBR is a leading global player in the engineering, procurement, and construction (EPC) sector [1] - The company's green methanol technology has been validated through long-term practice, demonstrating strong competitiveness in both economic and environmental aspects [1] Group 2: Project Details - The biochemicals project will utilize biomass as raw material and employ KBR's advanced green methanol production technology to achieve low-carbon methanol production [1] - The technology authorized by KBR not only offers high conversion efficiency but also significantly reduces carbon emissions during the production process [1] Group 3: Industry Impact - This collaboration is expected to enhance Saudi Arabia's green methanol production capacity and contribute to the optimization of the regional energy structure [1] - The partnership aligns with global energy transition trends and Saudi Arabia's push for a green economy [1]

中化新网讯 2025年12月29日，波兰石油天然气集团(波国油)与森索斯集团签署协议，全资收购负责建设 新丁二烯萃取装置的S54公司。该装置建成后将并入波国油普洛克生产基地，完善集团石化产业链条， 交易估值约6.92亿兹罗提。 波国油首席执行官伊雷纽什·法法拉表示，此次交易解决了烯烃Ⅲ项目及丁二烯装置投资遗留问题，标 志着双方合作迈入新阶段。波国油通过该方案重获装置完全控制权，为"新化工计划"推进扫清障碍，也 为双方透明共赢的长期合作奠定基础。 据悉，S54公司承建的丁二烯萃取装置将加工全部C4馏分，产出抽余油供下游石化环节使用。双方同步 签署多项协议及合同修订案，全面规范法律与商业合作关系。合作范围拓展至捷克市场，将克拉卢比丁 二烯合资企业及相关原料合同期限从2049年提前至2038年，并延长两年乙烯、苯产品的捷克市场承购 期。 此次收购源于数年前普洛克石化扩张计划，原项目曾独立于波国油管控体系。本次交易进一步强化了项 目安全性与运营灵活性，助力集团优化单体生产设施建设及环氧乙烷、乙二醇等产品的产能布局。 ...

Core Viewpoint - Japan's Inpex Corporation is reportedly in a leading position in the bidding for Chevron's Singapore refinery assets, with the transaction nearing completion [1] Group 1: Chevron's Strategic Moves - The sale is part of Chevron's ongoing efforts to optimize its asset portfolio in Singapore [1] - In 2024, Shell sold its Bukom refinery to a joint venture between Glencore and Indonesia's Chandra Asri Pacific [1] Group 2: Market Dynamics - Singapore remains an attractive hub for oil trading and shipping in the Asia-Pacific region, making refinery assets appealing for companies looking to establish a strategic presence [1] - Acquiring downstream assets like refineries helps traders such as Glencore secure stable refining profits [1] Group 3: Refinery Operations - The Singapore refinery is a joint venture, owned by a subsidiary of PetroChina International (Singapore) and Chevron Singapore [1] - The refinery operates with a processing capacity of 290,000 barrels per day, producing fuels and chemical feedstocks for local and export markets [1] - Chevron initiated the sale process for this stake in early 2025, but no public comments have been made by the involved companies regarding the transaction's progress [1]

Core Insights - The S&P Global report highlights a structural divergence in the global energy and chemical industries, driven by the collision of AI revolution, energy transition, and geopolitical factors, indicating that while the industry shows resilience, the circumstances across different segments will vary significantly [1] Supply Chain Challenges - The report emphasizes the geopolitical-driven restructuring of supply chains and demand mismatches in the energy and commodities markets, with a notable shift in the global propane import market, where the U.S. market share has declined while the Middle East and Canada have gained advantages [2] - The global PVC industry faces dual pressures of production cuts and trade flow reversals, reshaping the supply chain due to high energy costs in Europe and potential overcapacity in Asia [2] - In the energy transition sector, the demand for stable electricity from AI data centers is prompting tech giants to reassess the strategic value of nuclear power, while outdated transmission networks hinder the large-scale integration of renewable energy [2] Investment Landscape - The macro credit environment shows stark contrasts within the energy and chemical sectors, with strong financing demand in areas like AI data centers, power facilities, critical mineral extraction, and LNG supply chains, while traditional chemical manufacturing faces refinancing pressures and weak demand [3] - The report warns of a "double-edged sword" effect surrounding the investment boom in AI and energy transition, where high market expectations could lead to credit tightening and capital pullback if economic benefits or technological advancements fall short [3] Emerging Market Opportunities and Challenges - Emerging market countries with key mineral resources are positioned to benefit directly from the surge in global electric vehicle and energy storage demand, while some developing economies show growth potential due to lower dependence on the U.S. market [4] - However, emerging markets aiming to develop manufacturing face significant challenges, including the need to invest in automation and AI technologies to enhance industrial competitiveness, as well as navigating external policies like carbon tariffs from developed economies [4] - The report identifies three key areas of opportunity: stable base-load energy supporting AI computing, critical resources driven by energy transition, and regional supply chain opportunities arising from geopolitical restructuring [4] Future Industry Dynamics - The report concludes that the era of universal industry prosperity is over, and future winners will be those who can accurately identify advantageous segments within the supply chain, adapt to changes in geopolitical trade, and effectively manage both energy and capital costs [5] - Understanding and leveraging the "non-uniformity" of the divergence trend will be crucial for capturing genuine growth opportunities in the evolving landscape [5]

编者按 2025年，全球石油和化工行业普遍面临高能源成本、需求受限和产能大幅扩张的严重冲击，各 子行业的日子都不好过。同时，行业还面临着低碳转型、智能化转型的巨大压力。在这样的背景下， 2026年国际细分市场和领域发展趋势如何，值得关注。对此，今日起推出《2026国际石化市场展望》系 列报道，集合业界对聚氯乙烯、石脑油等多个细分市场的预测展望，以飨读者。 其他区域市场呈现明显分化。欧洲市场涌现谨慎乐观情绪，俄乌和平谈判取得进展，若达成正式协议， 战后重建将拉动PVC需求;德国政府承诺未来12年投入3000亿欧元用于基础设施建设，进一步为需求增 长提供支撑。巴西市场则表现复杂，尽管失业率处于历史低位、居民收入提升带动房地产项目开工量逆 势增长，但近月PVC需求仍存不确定性。因巴西对美国PVC加征反倾销税，并维持对亚洲的关税壁垒， 使巴西PVC需求方被迫转向哥伦比亚、阿根廷和埃及等关税豁免国采购，上述三国已成为其最大供应来 源。 美国PVC出口则面临多重关税阻力：欧盟自2026年1月起对美国PVC征收58%至77%的确定性反倾销 税，导致其产品丧失竞争力;墨西哥政府也已启动对美国悬浮法PVC的反倾销调查。尽管关税 ...

Group 1 - The EU has announced its first pilot actions focusing on the plastic sector to accelerate the transition to a circular economy, with a two-step approach: immediate measures for industries under pressure and a planned Circular Economy Law by 2026 [1] - The EU Joint Research Centre estimates that circular solutions could reduce climate-related emissions in the plastic industry by 45% by 2050, decarbonize energy use, and generate an annual trade surplus of €18 billion for the sector [1] - The EU's plastic recycling industry faces challenges such as market fragmentation, high energy costs, and fluctuations in virgin plastic prices, leading to decreased capacity utilization and financial losses for recycling companies [1] Group 2 - The EU is submitting a legislative proposal regarding the recycling of polyethylene terephthalate (PET) beverage bottles under the Single-Use Plastics Directive, allowing chemical recycling to count towards EU recycling targets under specific conditions [2] - To create a fair competitive environment, the EU will establish independent customs codes for virgin and recycled plastics, aiding regulatory enforcement and monitoring market conditions [2] - The EU plans to collaborate with national banks and the European Investment Bank to support the construction of cross-regional circular centers, promoting the scaling of circular practices [2]

具体而言，墨西哥2035年温室气体排放目标设定为，在无条件情景下(旨在仅使用国内资源实现)，二氧 化碳当量为3.64亿至4.04亿吨;在有条件情景下(前提是能够获得国际合作，例如资金和技术转让)，目标 为3.32亿至3.63亿吨。此外，黑碳排放目标设定为，无条件情景下为3.58亿至3.97亿吨;有条件情景下为 3.26亿至3.58亿吨。 据称，NDC于2015年发布了初版温室气体排放目标，此次公布的为第三版。 中化新网讯 近日，墨西哥环境与自然资源部(NDC)公布了其2035年温室气体排放目标，并已获得国际 气候变化跨部门委员会的批准。 ...

Group 1 - The European Commission has announced multiple revisions to the EU Emissions Trading System (ETS) guidelines to assist high-energy industries facing carbon leakage risks, including the petrochemical sector [1][2] - The revisions are part of the European Chemical Industry Action Plan released earlier in 2025, aimed at addressing the rising ETS costs that have increased carbon leakage risks for high-energy industries [1] - The revised guidelines expand the list of eligible industries for compensation, adding 20 new industries and 2 sub-industries, including petrochemicals, and increase the aid intensity from 75% to 80% to mitigate the carbon leakage risks [2] Group 2 - The current ETS guidelines allow member states to partially compensate industries at risk of carbon leakage due to high electricity prices caused by rising carbon costs [2] - The revisions are crucial for the struggling European petrochemical industry, providing significant support against high electricity prices, which have been a major concern for the sector [2] - The expanded ETS is expected to alleviate electricity cost pressures on the petrochemical industry while enhancing its international competitiveness and supporting decarbonization efforts [2]