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COVID-19 - News digest as of 26.10.2020

October 26/2020

1. BorsodChem eyes third quarter 2021 startup for aniline plant in Hungary

MOSCOW (MRC) -- BorsodChem (Kazincbarcika, Hungary) is planning to start production at its new 200,000-metric ton/year aniline plant in Kazincbarcika during the third quarter of 2021, reported Chemweek with reference to market sources. The facility in northern Hungary has received around EUR45 million (USD53 million) in state subsidies from the Hungarian government, which were approved by the European Commission in 2018. Production was initially scheduled to start in the second quarter of next year, but progress has been delayed due to COVID-19 and other �unforeseen issues,� according to market sources.

2. Synthomer to close SBR plant in Finland

MOSCOW (MRC) -- Synthomer (Harlow, UK) says it has decided to close its styrene-butadiene-rubber (SBR) production site at Oulu, Finland, by the end of the first quarter of 2021, said Chemweek. The company confirmed in August that it was in a consultation process with employees at Oulu concerning future options for the facility. Meanwhile, consultations are continuing at Synthomer�s Marl, Germany, SBR site with an outcome expected in the fourth quarter. Synthomer earlier launched a review of its SBR business. The company says it �remains committed� to the SBR market in Europe and is �confident of being able to service customers from its Central European asset base."
Synthomer also says that its new 60,000-metric tons/year nitrile butadiene latex capacity at Pasir Gudang, Malaysia, is on schedule for start-up in the fourth quarter of 2021. The plant�s current capacity is 90,000 metric tons/year. Synthomer made the announcements as part of a recent third-quarter update that it says shows �strong trading momentum across all three business divisions.� As a result, the company has raised its full-year EBITDA guidance by 10%. Volumes and margins at the company�s performance elastomers business are ahead of the prior-year period reflecting strong demand in nitrile butadiene latex following the COVID-19 pandemic and improved conditions in SBR through the third quarter, the company says.

3. Ineos confirms big sequential improvement in third-quarter earnings

MOSCOW (MRC) -- Ineos has provided a trading update and says that, based on unaudited management information, its third-quarter EBITDA was EUR431 million (USD509 million), down from EUR514 million in the third quarter of 2019 but significantly up from EUR260 million in the second quarter of 2020, according to Chemweek. �Overall core market conditions for all of the businesses are now improving from the lows seen in the second quarter,� the company says. �The second quarter of 2020 was the low point of the current crisis.  Since then countries across the world have opened up their economies after lockdown and market conditions have gradually improved during the third quarter. The automotive and durables sectors are still weak, but are now slowly improving, and there are encouraging signs from the construction sector.�
Author:Margaret Volkova
Tags:Europe, PP, PE, butadien, propylene, styrene, ethylene, petrochemistry, natural rubber, BorsodChem, Ineos, COVID-19, Hungary, Finland.
Category:General News
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