Navigating the Oversupply Crisis: Global Petrochemical Firms Take Action
Friday, 9 August 2024, 02:09
Overview of the Petrochemical Oversupply Crisis
The ongoing oversupply in the petrochemical industry has prompted firms to make crucial operational changes.
Strategic Divestitures
- INEOS Oxide acquired a Bayport, Texas ethylene oxide unit for $700 million.
Production Closures
- Mitsui Chemicals announced the closure of its phenol plant at Ichihara Works by fiscal year 2026.
- It will also shut down its polyethylene terephthalate (PET) plant at Iwakuni-Ohtake Works in October 2024.
Conclusion
These measures reflect the pressing need for global petrochemical firms to adapt to an evolving market landscape and mitigate the impacts of oversupply on their business strategies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.