Core Viewpoint - BASF has entered into a new partnership with OQEMA, a major chemical distributor in Europe, to distribute BASF's polymer dispersions and additives in 14 Central and Eastern European countries starting January 1, 2026, enhancing service capabilities in the rapidly growing coatings market in the region [1] Group 1 - The partnership will cover markets in Albania, Bosnia and Herzegovina, Bulgaria, and 11 other countries, leveraging OQEMA's established regional network and warehousing logistics to provide faster product delivery and technical support to local customers [1] - The collaboration aims to combine BASF's innovative products with OQEMA's localized service capabilities to promote the development and application of high-performance, sustainable solutions [1] - BASF executives highlighted that OQEMA's commitment to quality, reliability, and sustainability aligns closely with BASF's values, strengthening the company's service capabilities in the coatings market [1] Group 2 - OQEMA stated that BASF's product line will effectively complement its existing business portfolio, indicating a strategic enhancement of their offerings [1] - The partnership is based on a solid foundation of past cooperation and aims to more accurately meet the growing market demand in Central and Eastern Europe, supporting the local coatings industry in transitioning to a circular economy model [1]

Core Viewpoint - Brazil's state-owned oil giant Petrobras has signed a long-term raw material supply agreement worth $17.8 billion with polymer producer Braskem, aiming to transition Braskem's production model from naphtha to more cost-competitive natural gas liquids like ethane [1] Group 1: Agreement Details - The agreement consists of two main parts: the first part, valued at $11.3 billion, involves supplying petrochemical-grade naphtha to Braskem's plants in São Paulo, Bahia, and Rio Grande do Sul, with a supply volume of 4.116 million tons in 2026, increasing to 4.316 million tons by 2030 [1] - The second part of the agreement, worth $5.6 billion, includes the supply of ethane, propane, and hydrogen to Braskem's production facility in Caxias do Sul, starting in 2026 and lasting for 11 years [1] Group 2: Additional Contracts - Petrobras has also signed a $940 million propylene supply contract with Braskem, effective from May 2026, with supply responsibilities distributed among three refineries: Recap, Reduc, and Refap [2] - The Recap refinery is expected to supply up to 140,000 tons annually, Reduc up to 100,000 tons, and Refap's supply will gradually increase to 60,000 tons by the end of the contract [2]

Core Viewpoint - The European phenolic industry is facing unprecedented pressure due to a significant drop in demand for phenol and acetone, coupled with high production costs, leading to potential capacity adjustments in the industry [1][2]. Production Costs - European phenol production costs are approximately 41% higher than Southeast Asia and 45% higher than the Middle East, primarily due to soaring energy costs after the reduction of Russian gas imports in 2022 and high raw material costs [1]. - The production process in Europe relies heavily on naphtha steam cracking, with propylene as a byproduct, which is affected by low operating rates during weak market demand, impacting phenol production costs [1]. - Limited propane dehydrogenation capacity in Europe further exacerbates the local raw material cost disadvantage compared to other regions [1]. - Strict carbon compliance costs in Europe add to the overall cost burden for producers, alongside aging production facilities that increase operational costs [1]. Downstream Consumption - Since March 2024, European spot prices for phenol have dropped by 49%, while acetone prices have decreased by 61.5%, indicating a significant oversupply in both markets [2]. - The demand for downstream products such as Bisphenol A and phenolic resins is weak, leading to a lack of profitability for producers even when reducing phenol operating rates [2]. - From 2019 to the present, European phenol demand has declined by approximately 30%, with significant reductions in consumption expected by 2025 [2]. Supply Stability - Despite adjustments in downstream capacity, nominal phenol production capacity in Europe has remained stable, with only a 3.1% decrease due to the shutdown of a phenol facility in Poland [2]. - Operating rates for local facilities are maintained between 60% and 70%, which does not alleviate the persistent oversupply in the phenol and acetone markets [2]. Market Dynamics - INEOS has announced plans to close its 660,000-ton/year phenol facility in Germany by the end of 2027 while simultaneously planning to restart a 680,000-ton/year phenol facility in Belgium, adding uncertainty to the supply-demand balance in the European phenolic market [3]. - Global phenol capacity continues to expand, particularly in integrated projects for Bisphenol A and its downstream products, with nominal capacity expected to rise from 11.5 million tons to nearly 13.3 million tons between 2024 and 2029 [3]. - The price of Bisphenol A has surpassed that of polycarbonate products, driven by competitive pricing from Asian imports, with a nearly 44% year-on-year increase in polycarbonate imports from China to Europe observed in the first nine months of 2025 [3]. Trade and Regulatory Challenges - The effectiveness of anti-dumping duties on epoxy resins from certain Asian countries has disappointed market participants, with current prices falling below pre-duty levels [4]. - Westlake Chemical, one of the companies that initiated anti-dumping claims, is set to exit the European market by 2025, indicating ongoing challenges in the industry [4]. - As 2026 approaches, the European phenolic industry will continue to navigate the dual challenges of capacity rationalization and trade flow restructuring, testing the industry's resilience [4].

Core Viewpoint - Neste, a Finnish renewable fuel giant, announced a revision of its climate goals, stating it will not meet its commitment to stop using crude oil at its sole refinery by 2035 [1] Group 1: Climate Goals Adjustment - Neste has postponed its target for carbon neutrality in production processes from 2035 to 2040, aiming to reduce greenhouse gas emissions from its operations by 80% by that year [1] - The company indicated that achieving the original timeline would require "a significant amount of currently unrealistic investments" [1] - The shift towards processing renewable and circular raw materials will be determined based on actual fuel market demand [1] Group 2: Leadership and Strategic Changes - Most of the previous climate goals were set during the tenure of the former CEO, with the new CEO, Kai M. L. Malinen, taking office in 2024 [1] - The new CEO has also indicated that the goal related to using waste plastic as a raw material at the Porvoo refinery has been shelved [1] Group 3: Market Reaction - Following the announcement, Neste's stock price rose by 3.9% in the Helsinki market, reflecting a positive market reaction to the strategic adjustment [1] - The market optimism is partly due to expectations that Neste will benefit from favorable policies introduced by the German government, which are likely to boost demand for its main product, renewable diesel [1]

Core Viewpoint - Babcock & Wilcox (B&W) has secured a $40 million contract to provide advanced low-pressure wet gas scrubbing technology for a large oil refinery in Canada, building on a previous $10 million order from September last year [1] Group 1: Contract Details - The recent contract represents an additional commitment from the client, expanding on the initial $10 million order [1] - This project marks a significant milestone for B&W in expanding its advanced environmental solutions business within the North American refining industry [1] Group 2: Technology Overview - B&W's wet gas scrubbing technology is primarily used to control sulfur dioxide emissions from fluid catalytic cracking and fluid coking units, aiding refineries in meeting increasingly stringent environmental regulations [1] - The technology can be further upgraded to address nitrogen oxides and particulate matter emissions, providing a comprehensive compliance solution [1] Group 3: Competitive Advantages - As a licensed provider of ExxonMobil's wet gas scrubbing technology, B&W's systems offer multiple advantages, including high sulfur dioxide removal efficiency through low-pressure operation, significantly reduced energy consumption, and flexible design adaptable to complex site layouts [1] - The technology can also be integrated with nitrogen oxides and particulate matter control technologies [1] - Currently, this technology has been successfully implemented in dozens of refineries worldwide [1]

又至年末，全球石油市场2026年走势成为金融界与能源行业关注焦点。据业内分析及市场动态预测，受 地缘政治持续扰动、供需格局微妙调整等多重因素影响，2026年国际油价或将呈现"先抑后扬"态势，年 初可能下探50美元下方，年末则有望反弹至70美元以上。 对于市场参与者，分析人士建议，2026年石油交易需重点关注三大核心因素：一是俄乌冲突、中东局势 等地缘动态的实时变化;二是中美两大经济体的经济数据，尤其是中国工业、美国就业与通胀数据对需 求的影响;三是石油行业产能投资、OPEC+减产协议执行情况等供应端信号。同时，保持交易纪律、设 置合理止损、避免被短期市场情绪左右，仍是应对2026年石油市场波动的关键策略。 业内强调，尽管2026年石油市场仍面临诸多不确定性，但供需格局的结构性变化已逐步清晰，地缘政治 与行业产能决策的相互作用将主导价格走势，投资者需在风险预判与机会捕捉中寻求平衡。 需求端稳中有撑 中美市场成核心支柱 需求侧的稳健表现为油价提供重要支撑。尽管美国经济呈现脆弱信号——通胀仍未完全消退，最新失业 率创下疫情以来新高，但多重积极因素将缓冲经济下行对石油需求的冲击。比如低油价本身有助于缓解 通胀压力，特 ...

Core Viewpoint - The launch of the carbon nine hydrogen resin project by Fujian Fuhua Luhua New Materials Co., Ltd. marks a significant advancement in the company's production capabilities and product offerings, enhancing its position in the high-end resin market [1] Group 1: Project Launch and Production - The carbon nine hydrogen resin project has commenced operations, achieving superior product quality standards [1] - The new facility will create synergies with existing carbon nine resin and hydrogenation units, completing the "raw material - separation - deep processing" carbon nine industrial chain [1] Group 2: Market Impact and Applications - Carbon nine hydrogen resin is characterized by excellent adhesion and weather resistance, making it suitable for high-end pressure-sensitive adhesives, hot melt adhesives, hot melt road marking paint, and rubber additives [1] - The product will serve various end-use applications, including food packaging, healthcare, road construction, and automotive tires, addressing a gap in the regional high-end carbon nine hydrogen resin market [1]

中化新网讯 近日，来自欧洲、东南亚等地区的客户到访锦州石化，并聚焦消毒液生产领域核心原料供 应，对该公司的工业用异丙醇产品开展专项审核，考察产品品质管控、生产实力及服务水平。 为拓展国际市场，锦州石化营销调运部高效推进样品寄送全流程，从样品精准选取、严格包装规范，到 全程物流跟踪，严格把控各环节，送检样品各项指标均通过严格检测，印证了产品溶解性强、挥发性 快、残留少、低毒性的优势，为审核奠定基础。目前，审核已顺利完成，锦州石化将尽快填写供应商审 查表，为深化合作做准备。 ...

Core Viewpoint - Jinshi Resources announced its intention to acquire a stake in Zhejiang Noah Fluorochemical Co., marking a strategic extension into downstream fine fluorochemicals and an important move for value chain deepening and industry integration [1] Group 1: Company Overview - Jinshi Resources is a leading enterprise in the upstream fluorochemical sector, aiming to enhance its business model by integrating vertically from fluorite mining to hydrogen fluoride production and fine fluorochemical manufacturing [1] - The company has expanded its operations from fluorite resources to basic fluorochemical products, including anhydrous hydrogen fluoride and anhydrous aluminum fluoride, as well as downstream lithium battery materials like lithium hexafluorophosphate [1] Group 2: Acquisition Details - Jinshi Resources plans to acquire approximately 15.7147% of Noah Fluorochemical for a cash consideration of about 257 million yuan [1] - Upon completion of the transaction, Jinshi Resources will become the second-largest shareholder of Noah Fluorochemical, with a shareholding gap of only 0.1415 percentage points from the largest shareholder [1] Group 3: Market Position and Product Application - Noah Fluorochemical's fluorinated cooling liquid products are produced through chemical synthesis and have unique advantages in purification and testing technology [1] - The company’s products have been utilized by well-known domestic and international internet companies and server manufacturers, with an established annual production capacity of 5,000 tons of fluorinated liquids, ranking among the top in the domestic immersion liquid cooling market [1]

Core Viewpoint - The paraxylene industry is expected to experience a fundamental recovery and restructuring in profitability in 2025, with profits showing a distinct "high-low" trend throughout the year, moving away from consecutive losses. Average profits are projected to rise from a meager 89 yuan per ton in 2024 to 296 yuan in 2025, driven by upstream cost advantages, export demand, and capacity growth [1] Group 1 - In early 2025, the paraxylene industry struggled at the breakeven point, with profits fluctuating around the loss threshold due to rising raw material prices, particularly isomer xylene, which pressured profit margins [1][2] - A turning point occurred in the second quarter, with profits peaking between late April and early May, reaching a historical high of over 1190 yuan, supported by a combination of supply tightness from domestic maintenance and strong export performance, especially to India [2] Group 2 - However, the high-profit scenario is not sustainable, as profits began to decline after mid-year due to the fading cost advantages and a reversal in supply-demand fundamentals. New capacities from companies like Yulong Petrochemical and Tianjin Petrochemical increased domestic supply, leading to a market shift from tight balance to surplus [3] - The paraxylene industry faced renewed losses by November and December, with losses exceeding 300 yuan at times, as the oversupply effect became evident and downstream demand remained weak, exacerbating the profit erosion [3] Group 3 - The profit recovery in 2025 is characterized as a temporary outcome driven by "cost collapse" and "export benefits," reflecting the industry's return to the harsh reality of self-sustaining supply-demand pricing amid a cycle of capacity expansion [4] - The export market played a crucial buffering role, delaying the oversupply phenomenon, but did not alter the long-term trend of a loosening domestic supply-demand structure. Future profitability will depend on companies' ability to enhance competitiveness through technological upgrades, cost control, and deep global market engagement [4]