中化新网讯 9月5日，中石油管道局建设公司中标华锦阿美精细化工及原料工程项目天然气专线直供管 道设计施工总承包工程。 此次中标的天然气专线管道工程，是保障项目能源供应的关键配套设施。该项目管道全长44.5千米，所 涉及的两种管径分别为457毫米、711毫米，设计压力分别为4.0兆帕、1.6兆帕，全线设置唐家门站、华 锦调压站2座站场及2座监控阀室。 ...

Core Viewpoint - The successful completion of the world's largest single-set acetic acid project, the 1.5 million tons/year acetic acid project at the Ju Zheng Yuan (Jieyang) New Materials Base, marks a significant milestone for the industry and is expected to boost the economic development of Jieyang and the entire eastern Guangdong region [1][2]. Group 1: Project Overview - The project is located in the Dannan Sea Petrochemical Industrial Zone in Jieyang, Guangdong Province, and utilizes an Integrated Project Management Team (IPMT) management model [1]. - The acetic acid facility includes synthesis, distillation, absorption, and purification units, with production expected to commence in December this year [1]. - The project employs methanol low-pressure carbonyl synthesis technology developed by Yunnan Zhengbang Technology Co., Ltd., achieving internationally advanced technical indicators [1]. Group 2: Construction Achievements - The project team overcame various challenges, including tight schedules, adverse weather, limited space, and complex technology, through optimized construction organization, innovative processes, and strengthened process control [2]. - Over 625 days, the team completed 9 buildings and 19 structures, installed 513 sets of dynamic and static equipment, laid 9,600 meters of instrument cable trays, and 220,000 meters of electrical cables, achieving a welding first-pass qualification rate of no less than 97% [2]. - The project achieved zero safety incidents and met high-quality and high-standard completion goals [2]. Group 3: Organizational Efforts - The project team’s party branch played a crucial role in facilitating communication among construction teams and addressing challenges [2]. - Party members led by example, working overtime and tackling over 3,800 tasks during the final stages of the project [2]. - The successful handover of the acetic acid project is seen as a key milestone, with preparations for trial production now underway [2].

Group 1 - The oversupply situation in the Asian olefins market may take 3 to 4 years to alleviate, with new capacity investments slowing down [1] - Asian olefins profit margins have been negative in recent years, primarily due to the addition of over 10 million tons per year of ethylene capacity in Northeast Asia between 2024 and 2025, leading to the shutdown of multiple steam cracking units [1] - Japan plans to retire at least three naphtha cracking units by 2028, which is expected to reduce its ethylene capacity by approximately 20% [1] Group 2 - From 2020 to 2028, a total of 6.5 million tons per year of global ethylene capacity is expected to be closed [2] - Asian cracking facilities are considering switching from naphtha to ethane cracking due to cost advantages, with four ethane cracking units expected to be operational in Asia and Europe between 2025 and 2027, totaling 4.15 million tons per year [2] - Industry consolidation and efficiency improvements in response to global cracking capacity oversupply are expected to accelerate in high-cost regions between 2026 and 2027 [2]

同时，施伦茨认为欧盟决策者需要采取"果敢行动"。她指出，当前部分立法及其实施并没有给化工行业 提供支持，特别是《碳边境调节机制》(CBAM)和《欧洲绿色新政》，现行CBAM机制对聚合物等复杂 价值链并不适用，违背了设计初衷。绿色新政的愿景虽好，但在实施路径规划上陷入了过度细节化的困 局。她特别指出，这是欧盟碳排放交易体系(EU ETS)的问题，该体系正在推动去工业化而非脱碳，如 果缺乏支持脱碳的基础条件，EU ETS就只是成本负担。 在同一场讨论中，阿科玛集团高级副总裁理查德·詹金斯强调，在监管目标方面，美国政府与行业的协 同性远高于欧盟，欧盟则需在"目标设定"和"实施路径"上达成共识。他同时指出，中国在可持续发展某 些领域已领先欧洲，比如在电气化方面更为先进，且拥有绿色能源盈余，欧洲实现脱碳仍需规模化推 进。 施伦茨称："目前的情况是大量进口产品涌入，我们的市场蛋糕正在缩小。"施伦茨指出，欧洲正在进行 化工厂合理化调整，但迄今宣布的产能削减规模相对于全球产能来说仍微不足道。"仅减少4%的乙烯产 能，这无法从根本上解决问题。"她强调，消费者需求复苏至关重要，人们已不再像从前那样大量购买 商品。化工行业需要快速 ...

Core Viewpoint - The optimism of international oil giants at the beginning of the year has dissipated due to low oil prices, leading to job cuts and spending reductions as companies enter a "contraction" mode [1] Industry Overview - The oil industry has experienced a significant shift in sentiment over the past six months, with companies that previously expressed confidence in maintaining operations at $60 per barrel now facing challenges [2] - The U.S. shale oil sector is undergoing its largest wave of layoffs since 2022, with a cumulative oil price drop of 12.5% this year contributing to a pessimistic outlook [2] - ConocoPhillips announced plans to cut up to 25% of its workforce globally, indicating potential struggles within the company and the industry [2] - Chevron also announced similar layoffs earlier in the year, attributing them to both falling oil prices and the need to cut costs following an acquisition [3] Spending and Investment Trends - U.S. oil companies have collectively reduced spending by $2 billion, reflecting a broader trend of cost-cutting measures in response to market conditions [4] - Wood Mackenzie forecasts a 4.3% decline in global oil and gas exploration capital expenditure this year, marking the first decrease since 2020 [5] - If Brent crude prices fall below $60 per barrel, international oil giants may struggle to maintain current capital expenditure plans and fulfill dividend commitments to shareholders [5] Market Predictions - Analysts predict that Brent crude prices could drop below $60 per barrel within the year, with some forecasts suggesting prices may stabilize around $50 per barrel in the coming years if demand remains weak [4] - Historical patterns indicate that oil price rebounds can occur with a single variable shift, such as lower-than-expected growth in U.S. shale oil production [5] - Recent data shows a decline in U.S. shale oil production, with output falling to 13.4 million barrels per day in late August, down from 13.6 million barrels per day in December [5]

Core Viewpoint - SK Group's petrochemical subsidiary SK Geo Centric (SKGC) has suspended negotiations with Korea Petrochemical Industry Company (KPIC) regarding the sale of its naphtha cracking center in Ulsan, primarily due to significant differences in interests and a lack of progress since last year [1] Group 1: Negotiation Status - The negotiations between SKGC and KPIC have stalled, with both companies reassessing their internal positions [1] - Although the talks have not completely broken down, the urgency for restructuring is lower for SKGC, which is currently in a relatively stable financial position [1] Group 2: Financial Conditions - KPIC reported a loss of 14.4 billion KRW in the first half of the year, with cash reserves around 93 billion KRW, indicating significant financial pressure [1] - The hesitance from KPIC regarding investments in facilities that may not yield immediate benefits is a key factor in the stalled negotiations [1] Group 3: Complexity of Negotiations - The complexity of the negotiations has increased due to the need to involve S-Oil in discussions about facility adjustments [1] - S-Oil is set to operate its new crude oil-to-chemical plant by the end of next year, adding another layer of consideration to the Ulsan restructuring plans [1] Group 4: Other Negotiations - Despite the stagnation in Ulsan, restructuring discussions in the Yeosu and Daesan regions are progressing smoothly [1]

Core Viewpoint - The global chemical industry is experiencing a general revenue decline among leading companies, although the rate of decline has narrowed compared to the previous year, indicating a persistent long-cycle downturn in the industry [2][4]. Group 1: Revenue Trends - In 2024, the revenue of leading companies in the global chemical industry is generally declining, with a median revenue decrease of 1% and a median sales figure dropping to approximately $8.81 billion [5]. - The number of companies reporting revenue declines is significant, with 53 out of 106 companies experiencing a decrease, while only 40 companies reported growth [5]. - The largest revenue changes include a notable drop in rankings for companies like DuPont, which fell to 36th place, and a significant decline in lithium companies due to long-term price weakness [3][4]. Group 2: Industry Adjustments - Major companies are actively adjusting their operations to improve profitability, with BASF planning to sell its decorative coatings business and considering a spin-off of its agricultural solutions business [4]. - The chemical industry is in its third consecutive year of low performance, with European regions facing the highest costs and a 20% drop in demand compared to pre-pandemic levels [4]. - Companies like Dow and LyondellBasell have announced plans to reduce capital expenditures by 2025, reflecting a strategic shift in response to ongoing market challenges [5]. Group 3: Profitability Indicators - Despite the revenue decline, the chemical industry shows signs of profitability recovery, with a median operating profit increase of 4% in 2024 [5]. - Cost-cutting measures, such as BASF's plan to save €1 billion in 2024, are being implemented to navigate the challenging environment [5]. - The stability in capital expenditure and R&D investment ratios indicates a cautious but consistent approach to maintaining operational capabilities [5].

中化新网讯 在近日于上海举办的2025中国国际纺织纱线(秋冬)展览会上，埃万特重点展示其广泛的合成 纤维着色剂与添加剂产品组合，助力纺织行业提升产品性能与可持续性。 展品亮点包括Cesa纤维添加剂、阻燃添加剂、远红外蓄热添加剂与石墨烯远红外抗菌双效添加剂、凉感 添加剂、提供阻燃、蓄热以及凉感添加剂。其中阻燃添加剂，低剂量下提供长效阻燃性能，降低纤维可 燃性，同时有效控制火焰蔓延和烟雾生成。此外，埃万特还推出更多可持续纤维解决方案，包括融入海 洋回收成分、可持续凉感技术以及可持续抗菌技术，在确保优异性能的同时提升可纺性，助力生产耐用 且色牢度高的纺织品等。 "全球纤维与纺织行业正面临产能长期过剩与贸易政策波动的双重挑战，给整个供应链带来多重压 力。"埃万特大中华区颜色和添加剂事业总经理李顺波表示，"我们凭借本土化生产与服务，结合经认证 的材料解决方案，能够加速产品上市进程，同时提升纺织生产效率，助力客户应对严苛市场需求，兼顾 产品的可持续性与卓越性能。此外，我们的创新解决方案不仅能助力客户提升纺织品性能，还可实现纤 维循环利用、节约能源，并提供可持续的替代选择。" ...

Core Viewpoint - The U.S. has imposed tariffs on PET starting September 8, causing turmoil in the Asian PET market and prompting producers to reassess the impact on trade flows [1][2] Group 1: Impact on Asian Producers - Asian PET producers, previously benefiting from tariff exemptions, are now facing challenges in maintaining competitive pricing for exports to the U.S. [1] - Southeast Asian PET producers are heavily reliant on U.S. demand, making the tariff a significant negative impact on their operations [1] - The price of recycled PET in Southeast Asia was reported at $840 per ton on September 9, which may further depress market prices [1] Group 2: Trade Flow Adjustments - Some Asian producers may redirect their exports to India, which is already experiencing weak domestic demand for PET [1] - The potential influx of cheaper PET into India could exacerbate the already struggling Indian PET market [1] Group 3: Upstream Effects - The tariffs are expected to weaken the demand for upstream raw materials such as PTA and ethylene glycol, leading to a pessimistic market sentiment [1] - Indian producers have reduced their operating rates due to high costs and weak global demand, with the overall operating rate of Indian PET facilities at approximately 70% [1] Group 4: Cost Competitiveness - The imposition of tariffs on para-xylene, PTA, and PET by the U.S. is likely to force adjustments in procurement strategies among affected companies [2] - Cost competitiveness will be a dominant factor influencing trade flows in the coming months, with current offshore prices for Northeast Asia PET at $765 per ton and Southeast Asia at $850 per ton as of September 3 [2]

Core Viewpoint - The agricultural giant Corteva is considering a split into independent seed and crop protection businesses due to inventory pressures and price competition affecting industry profitability [1] Company Summary - Corteva's CEO Chuck Magro acknowledged the poor performance of the crop protection business over the past two years, attributing it to inventory adjustments and price competition [1] - In March 2023, Corteva divested its glyphosate raw material business [1] - For the fiscal year 2024, Corteva reported a 7% year-over-year decline in crop protection business operating EBITDA to $1.3 billion, with sales down 5% to $7.4 billion [1] - Conversely, the seed business saw a 5% year-over-year increase in operating EBITDA to $2.2 billion, with sales of $9.5 billion, reflecting a 1% growth [1] Industry Summary - The agricultural sector is currently facing challenges such as inventory reduction pressures and intense price competition, which are reshaping the global market landscape and squeezing profit margins [1] - Magro expressed optimism for a recovery in 2025, anticipating improved performance compared to 2024 and 2023, as inventory stabilizes and demand in major agricultural markets is expected to recover [1] - However, he noted that weak crop prices in the U.S. are eroding some profit margins [1]