SAO PAULO (ICIS)–The government of the Brazilian state of Ceara and UK-headquartered energy major Bp signed this week a Memorandum of Understanding (MoU) to build a green hydrogen site. The site, to produce also green hydrogen derivatives such as green ammonia, will be built in Ceara’s Pecem Industrial and Port Complex (CIPP). Financial details were […]

MUMBAI (ICIS)–Indian auto major Maruti Suzuki plans to invest Rs382bn ($4.6bn) to expand its production capacity by 1.25m units in the western Gujarat state, Suzuki Motor Corp global CEO Toshihiro Suzuki said at the Vibrant Gujarat Summit. The bulk of the investment or Rs350bn will be for building a plant that will have an annual […]

HOUSTON (ICIS)–The US Gulf Coast chemical industry is bracing for arctic weather forecasted for early next week, but effects on plants and operations are not expected to be catastrophic like winter storm Uri three years ago. The National Weather Service (NWS) is forecasting extremely cold temperatures starting Sunday night, with a chance of rain on holiday Monday […]

HOUSTON (ICIS)–The US Department of Agriculture (USDA) has calculated the final corn numbers at record yield of 177.3 bushels per acre, with total corn production estimated at a new high of 15.3bn bushels according to the January World Agricultural Supply and Demand Estimate (WASDE) report. Not only have corn numbers risen in the latest update […]

CHARLOTTE, North Carolina (ICIS)–Inflation is falling faster than expected across most economies, leading to a turning point in central banks’ two-year battle against surging prices. This turning is now fueling expectations that central banks could pivot to cutting interest rates in 2024. The economies of both China and Europe have lost momentum. Falling oil and […]

LONDON (ICIS)–Demand for mixed plastic waste in Europe from the mechanical recycling and burn-for-energy sectors is expected to remain weak into 2024 amid ongoing challenging macroeconomic conditions. This has resulted in reduced industrial output which has blunted demand for burn-for-energy volumes, and from key mechanical recycling end-use sectors such as construction. For burn-for-energy markets, only […]

HOUSTON (ICIS)–The proposed rules that will govern the US hydrogen tax credit program are too strict and may do too little to promote the nascent industry, two hydrogen trade groups said on Friday. However, environmental groups and an industrial gas producer lauded the proposal rules because they ensure that the most lucrative tax credits go […]

HOUSTON (ICIS)–INEOS has reached an agreement to acquire LyondellBasell’s ethylene oxide (EO) and derivatives business, including the Bayport Underwood site in Texas, for $700m, the companies said on Friday. The deal includes a 420,000 tonne/year EO plant, a 375,000 tonne/year ethylene glycols (EG) plant and a 165,000 tonne/year glycol ethers plant, together with associated third-party […]

LONDON (ICIS)–The separation of Solvay into two independent companies will come into effect later on Friday, the Belgium-based producer said. Solvay has spun off its specialties segment which will now be called Syensqo. Its commodities business, referred to as EssentialCo since the split was first announced, will remain as Solvay. All proposed resolutions were approved […]

LONDON (ICIS)–The Czech Energy Regulatory Office (ERO) has told ICIS it has serious concerns about the German storage neutrality levy. Chief among the points of concern it outlined were the levy’s compatibility with EU rules and the security of Czech gas supply, with the levy increase potentially opening a backdoor for increased Russian flows to […]