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Celanese reserves USD88 million related to European Commission ethylene cartel investigation

December 26/2019

MOSCOW (MRC) -- Celanese Corporation, a global chemical and specialty materials company, reserves USD88 million related to European Commission ethylene cartel investigation, said the company on its site.

In May 2017, Celanese Corporation learned that the European Commission had opened a competition law investigation involving certain subsidiaries of Celanese with respect to certain past ethylene purchases.

Based on information recently learned from the European Commission regarding its investigation, Celanese recorded a reserve of USD88 million in the fourth quarter of 2019. Celanese is continuing to cooperate with the European Commission.

As MRC reported before, Celanese Corporation  experienced an emergency incident at approximately 12:00 noon Central time on Saturday, Sept. 21, at the Celanese Clear Lake facility in Pasadena, Texas. On-site emergency personnel extinguished the fire quickly, and appropriate regulatory and first responder agencies were notified and mobilized at the scene to support the incident. Celanese unit operations include acetic acid and monomer vinyl acetate (VAM) with a capacity of 450,000 per year are down. The Fairway methanol unit is also idle.

VAM is the main feedstock for the production of ethylene-vinyl-acetate (EVA).

According to MRC's DataScope report, November EVA imports to Russia dropped by 8,9% year on year to 3,440 tonnes from 3,780 tonnes in November 2018, and overall imports of this grade of ethylene copolymer into the Russian Federation decreased in January-November 2019 by 18,9% year on year to 35,95 tonnes (44,330 tonnes in the first eleven months of 2018).

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2018 net sales of USD7.2 billion.


mrcplast.com
Author:Margaret Volkova
Tags:Europe, vinilacetat, EVA, copolymer, ethylene, Celanese, Russia, USA.
Category:General News
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