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electricity from AI data centers is prompting tech giants to reassess the strategic value of nuclear power, while outdated transmission networks hinder the large-scale integration of renewable energy [2] Investment Landscape - The macro credit environment shows stark contrasts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]

Core Insights - Kuwait Oil Company has signed a multi-year cooperation agreement with Baker Hughes to enhance oil and gas production in Kuwait through advanced artificial lift technology [1] - The agreement highlights Kuwait's strategic direction to fully exploit the potential of mature oil fields through digitalization and automation [1] Group 1: Agreement Details - Baker Hughes will provide electric submersible pump systems along with installation, monitoring, and maintenance services to improve production reliability and reduce downtime [1] - The artificial lift systems will integrate with Baker Hughes' FusionPro intelligent production drive and Leucipa automated oil field production platform for real-time monitoring and performance optimization [1] Group 2: Baker Hughes' Market Position - Baker Hughes is deepening its presence in the Kuwaiti market, having been awarded another contract for advanced cable logging and perforation services by Kuwait Oil Company in Q3 2025 [1] - The company operates a 25,000 square meter maintenance workshop in the region, focusing on testing, diagnostics, and troubleshooting of artificial lift equipment [1] Group 3: Future Collaborations - Earlier in 2025, a memorandum of understanding was signed between the two companies to establish a research and development center in Kuwait's Ahmadi Innovation Valley, aimed at supporting upstream technology innovation and local talent development [1] - This new contract reflects Kuwait's long-term strategy to maintain production levels of mature assets while enhancing operational efficiency and economic benefits through advanced oil field technologies [1]

中化新网讯 近日，在2025年陕西企业信用建设推进会上，陕煤蒲洁能化公司荣获"2025年培育诚信经营 守信践诺标杆企业"称号。 蒲洁能化公司将诚信经营、合规发展理念深植于每个环节，用扎实举措诠释"守信践诺"的企业担当。该 公司建立法律法规与标准规范全流程管理机制，通过常态化开展法律知识培训等举措，将诚信理念融入 法治国企建设全过程;建立完善价格监管机制，以制度刚性保障公平交易、诚信经营，杜绝不正当竞争 行为。此外，该公司秉持"质量是企业生命线"的原则，搭建全链条质量追溯体系，确保每一批产品都符 合国家标准与客户需求;坚守契约精神，及时响应客户诉求，以诚信口碑赢得了市场与行业的认可。 ...

Core Viewpoint - The company aims to enhance its competitiveness through cost reduction, technological innovation, and market expansion, achieving significant operational results in 2025 [1] Cost Reduction - The company has adopted lean production as a key driver for high-quality development, optimizing production processes and equipment management to balance safety, cost, and efficiency [2] - During the annual maintenance in August 2025, the company integrated a "cost accounting" culture into every maintenance step, saving 2.6 million yuan by promoting self-maintenance and resource optimization [2] - The company has initiated 20 value creation projects in 2025, leading to cost savings of over 46 million yuan [2] Technological Innovation and Efficiency Improvement - The company focuses on technical innovation and process upgrades, benchmarking against industry leaders to enhance operational efficiency [3] - Key projects include upgrading distillation towers to improve separation efficiency and adding a new distillation tower to reduce energy and material consumption [3][4] - The hydrogenation unit has started operation, achieving full-load operation and significantly improving product quality while saving 7 tons of steam per hour [4] Market Expansion - The company is building a diversified sales strategy to enhance market reach and influence [5] - By introducing strategic partnerships and optimizing market structure, the company has developed 28 new customers in 2025, expanding its market coverage [6] - The company has implemented a "combined transport" model to reduce freight costs, saving over 2.25 million yuan in transportation expenses from January to November 2025 [6]

2025年，榆炼克服能源市场动荡、采购难度大、转输量受限等困难，积极拓展进口来源，将油品种类增 加到12种;推进油气回收设施扩能改造、引进撬装设备，保证安全环保接卸;实施铁路专用线改扩建工 程，显著增强运输承载能力，成功解决原油"进不来、储不下、出不去"的难题。 中化新网讯 截至2025年12月29日，榆林炼油厂油品集运中心进口原油年累计接卸量达201.45万吨，首次 突破200万吨大关，创下历史最高纪录。 ...

中化新网讯 日前，贵州省工业和信息化厅正式公布省级专精特新中小企业认定名单，贵州黔希化工有 限责任公司凭借在煤化工细分领域的深耕积淀、突出的创新能力及优质的发展质效，斩获该称号。 未来，黔希化工将以此次认定为契机，一方面，充分利用政府相关优惠政策争取建设项目资金扶持、贷 款贴息等政策性资金，缓解公司部分资金压力;另一方面，持续强化科技创新主体地位，深化产学研协 同创新，在煤炭绿色高效利用、煤化工固废高值利用、下游产业链延伸等领域持续突破，为黔西市煤化 工产业基地建设及区域经济高质量发展注入更多动能。 ...