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News	Kokel, Nicolas LSP Long Son Complex 2025/05/28 08:31 PM Long Son Petrochemical Complex Drives Major Losses for SCG Group Amid Market Downturn Thread View Main Message $5.2 Billion Vietnamese Project Records $304 Million Loss in 2024, Continues to Weigh Heavily on SCG’s Financial Results in Early 2025 The Long Son Petrochemical Complex (LSP), Vietnam’s first fully integrated petrochemical facility, has experienced a turbulent launch and operational trajectory since its much-anticipated commercial start-up in late 2024. This article aggregates the latest developments, contextualizes them within broader industry trends, and references previous communications that highlighted both optimism and early warning signs. Background and Launch Long Son Petrochemicals Co., Ltd., located in Ba Ria-Vung Tau and wholly owned by Thailand’s SCG Chemicals (a subsidiary of SCG Group), represents a $5.2–5.4 billion investment and is designed to produce 1.55 million tonnes of polyolefins (polyethylene and polypropylene) annually. The complex includes a world-scale, so-called Flex Feed Cracker with a capacity of 998,000 tonnes of ethylene, 500,000 tonnes of propylene, and 101,000 tonnes of butadiene per year, using naphtha, LPG, and soon, ethane as feedstock. Data from the Long Son Environmental Permit* (in Vietnamese Language) dated August 30, 2023. Interactive Process Flow Chart of Long Son Petrochemical Complex based on 2023's Environmental Permit Data \| Unique Feature available only on Portfolio Planning PLUS Platform. After years of construction and trial runs, LSP officially began commercial operations on September 30, 2024. The launch was heralded as a transformative step for Vietnam’s plastics and downstream manufacturing sectors, reducing reliance on imports and boosting local industry competitiveness. Operational Suspension and Financial Losses Despite the high-profile start-up, LSP suspended operations in mid-October 2024—just two weeks after commercial production began. This abrupt halt was attributed to: High production costs: Naphtha, the primary feedstock, remained expensive amid volatile crude oil prices. Weak global demand: A global downturn in the petrochemical market, exacerbated by oversupply and sluggish downstream demand, led to poor product margins. Low chemical spread: The spread between naphtha and polyethylene/polypropylene prices dropped to $300–$343 per tonne, below the threshold for profitable operations. SCG Chemicals reported a staggering loss of $303.6 million from LSP in 2024, with monthly expenses at the complex reaching $35.5 million—40% of which are non-cash items like depreciation. The financial drag from LSP sharply reduced SCG’s consolidated profit, even as its other businesses remained profitable. Capacity Questions and Technical Details Our prior communication raised questions about the actual cracker capacity and the interpretation of trial run figures, whereby we issued a mass balancing challenge that still awaits contributions from users of the PPPLUS Platform. Various data sources have reported diverging plant capacities for both the cracker and the downstream plants. In addition, calculated feedstock requirements to match the reported ethylene and propylene outputs are not making any sense in terms of cracker capacity. The figures we have used to generate the site's mass balance and process flow chart are taken from the Long Son Environmental Permit (in Vietnamese Language) dated August 30, 2023. During the brief operational window, initial output was reported at 74,000 tonnes—well below nameplate, reflecting the ramp-up phase and subsequent shutdown. Strategic Adjustments and Future Plans SCG has not abandoned the project. Instead, it is adapting the business model to address structural challenges: Feedstock flexibility: LSP is being retrofitted to use imported ethane as a primary feedstock, which offers better margins than naphtha. The company plans to invest an additional $400–700 million to enable the cracker to use up to two-thirds ethane, with completion targeted by end-2027. Cost management: SCG is implementing group-wide cost reductions and discontinuing unprofitable businesses, aiming to save 5 billion baht and cut working capital by 10 billion baht by early 2025. Potential restart: With recent improvements in polyolefin-to-feedstock spreads (averaging $396/t in April-May 2025), SCG is considering restarting LSP as early as August 2025, contingent on further margin recovery and market stability. Long Son Petrochemical Complex Assets \| Market Intelligence by Portfolio Planning PLUS Market and Policy Environment Vietnam’s government has signaled support for LSP’s expansion, promising to streamline procedures and facilitate stable gas imports, including ethane from the U.S.. However, the domestic market remains under pressure from competitive international polyolefin imports and subdued export demand. Summary on Key Facts and Timeline Sep 30, 2024 - Commercial Start-up: Official launch of Vietnam’s first integrated petrochemical complex in Vietnam. Mid-Oct 2024 - Suspension of Operations: Halted after two weeks due to poor margins and high costs. Full Year 2024 - 2024 Financial Loss: $303.6 million loss from LSP; group profit slashed. 2025 - 2027 - Upgrade/Expansion Plans: $400–700 million investment to enable ethane feedstock; expansion under review. August 2025 (TBC) - Potential Restart: Dependent on market spreads and demand recovery. Outlook The Long Son Petrochemical Complex exemplifies both the promise and pitfalls of mega-projects in volatile global markets. While its technical capabilities and strategic significance remain intact, the project’s near-term viability hinges on market recovery, successful feedstock diversification, and continued government support. SCG’s willingness to invest further and adapt its strategy suggests a long-term commitment, but the road to profitability remains challenging and closely watched by industry observers. #technipenergies #basf #mitsuichemicals # univation #unipol #hypol #steamcracking #lsp #steamcracker #vietnam #crackerfeedstock #massbalance #longson #scg
News	Kokel, Nicolas SABIC 2025/05/12 03:34 PM Sabic’s European Exit: A Turning Point for the Continent’s Chemicals Industry View Main Message Sabic European Head Office in Sittard, The Netherlands Sabic, the Saudi chemicals giant majority-owned by Aramco, is preparing to exit its European petrochemicals business—a move that underscores the mounting pressures facing the region’s manufacturing sector. The company’s plants and operations, spanning Germany, Spain, and the UK, are now up for sale, with investment banks Lazard and Goldman Sachs overseeing the process. These assets, which generate billions in annual sales, are among the largest of their kind in Europe. Why Is Sabic Leaving Europe? Sabic’s planned departure is not simply a business reshuffle but a reflection of deep-rooted challenges in Europe’s chemicals industry. Over the past several years, European producers have been squeezed by a combination of macroeconomic headwinds, persistent overcapacity, and intensifying global competition. The sector has faced years of oversupply and falling prices, with demand for petrochemicals closely tied to sluggish GDP growth. Sabic itself recently cut its 2025 GDP forecast, citing weaker prospects for the industry as a whole. The economic backdrop is further complicated by Europe’s high energy prices and strict environmental regulations. European producers pay significantly more for natural gas than their US counterparts, and the cost of emitting carbon dioxide continues to rise under the EU’s ambitious climate policies. While American and Middle Eastern producers benefit from cheaper feedstocks and less stringent emissions rules, European plants—many of them older and reliant on naphtha—struggle to compete. The result is a cost gap of up to $300 per tonne for key products like ethylene and propylene, putting relentless pressure on margins. Industry Consolidation and Rationalization These structural disadvantages have triggered a wave of rationalization across the continent. Sabic is not alone: ExxonMobil, Dow, and other multinationals are also closing or idling European assets, as high costs and weak demand make it difficult to justify continued investment in aging facilities. In 2024 alone, nearly 1 million tonnes of ethylene capacity is being permanently phased out, with more closures likely as the industry adapts to the “new normal” of lower profitability and higher sustainability standards. The European Union’s push for emissions reductions-targeting at least a 55% cut from 1990 levels by 2030-adds another layer of complexity. Modernizing old plants to meet these goals is often more expensive than closing them, and the introduction of mechanisms like the carbon border adjustment tax could further deter outside investment. Who Might Buy Sabic’s Assets? With Sabic’s portfolio now on the market, potential buyers are weighing both risks and opportunities. European rivals such as BASF and INEOS may see value in expanding their networks, while Middle Eastern energy firms could be interested but wary of Europe’s carbon costs. Private equity investors, particularly those focused on green technology, are also watching closely, drawn by the chance to modernize facilities and tap into EU subsidies for hydrogen and recycling projects. Global Shifts and the Road Ahead Sabic’s strategic pivot comes as the global chemicals market is being reshaped by geopolitics and shifting trade flows. Ongoing trade tensions between the US and China, along with the prospect of increased supply from Iran, are pushing more business toward the Middle East and Asia, further eroding Europe’s traditional advantages. Meanwhile, Sabic and Aramco are doubling down on investments in high-growth Asian markets, including a $6.4 billion petrochemical complex in China, betting on robust demand for plastics and chemicals in the region. #sabic #aramco #ineos #basf #dow #exxonmobil #recycling #carbontax
News	Kokel, Nicolas Zhanjiang Verbund 2024/12/14 11:01 AM BASF Zhangiang Verbund Site Progress News View Main Message BASF Zhangiang Verbund Site Progress News ◾️ Zhanjiang, China \| 6^th Sep 2022 \| BASF inaugurates the first plant of its new Zhanjiang Verbund site BASF is inaugurating the first plant of its Zhanjiang Verbund site today. It will supply an additional capacity of 60,000 metric tons of engineering plastics compounds per year in China, bringing BASF’s total capacity of engineering plastics in Asia Pacific to 420,000 metric tons from 2023. The new plant will enable BASF to meet the growing demand of its customers, particularly in the automotive and electronics industries. ◾️ Linde Press Releases, 8^th Feb 2023, Linde Engineering Signed Agreement to Build a Synthesis Gas Plant for BASF in China Linde Engineering will implement the newly awarded contract in a consortium together with its Chinese partner East China Engineering Science and Technology Co., Ltd (ECEC). The two companies have previously worked together in the design and construction of several Rectisol^® Acid Gas Removal units in China. For the new BASF project Linde will be acting as consortium leader, including the provision of basic engineering and key equipment. ECEC will be responsible for the detailed design and the construction. ◾️The Paper \| 4^th Sep 2023 \| BASF starts construction of syngas plant at its integrated Zhanjiang site, scheduled to start production in 2025 BASF China's official website reported on September 4 that the syngas unit at BASF's integrated base in Zhanjiang has broken ground. This world-class syngas unit will be fully integrated into the integrated base and is scheduled to be put into production in 2025. ◾️Global Times \| Published: 19^th Jan 2024 \|New BASF plant inaugurated in S.China, ready to supply global market German multinational chemical company BASF on 18^th January celebrated the inauguration of its Thermoplastic Polyurethane (TPU) plant at its Zhanjiang Verbund site in South China's Guangdong Province, marking a milestone in the site's initial construction phase, according to a statement sent to the Global Times from BASF on Thursday. The new plant is the largest single TPU production line for BASF globally. It will help to meet market demand in industrial, eMobility and new energy segments, the company said. ◾️China Chemical Market Insights \| 24^th Jan 2024 \|BASF's Zhanjiang Verbund Site: A Milestone in Asia-Pacific’s Chemical Industry Progress in Construction and Technology: ▪️Construction of a polyethylene plant began on June 19, 2023, with a 500,000-ton annual capacity, set to start production in 2025. ▪️In early 2023, BASF initiated the construction of plants for NPG, citral, glacial acrylic acid (GAA), butyl acrylate (BA), and 2-ethylhexyl acrylate (2-EHA). ▪️Significant groundwork was laid for the EO/EG plant and other facilities in partnership with SINOCHEM in September 2022. ◾️BASF News Releases \| 21^st Mar 2024 \| BASF breaks ground on methyl glycols plant at Zhanjiang Verbund site in China Hong Kong SAR, China – March 21, 2024 – BASF has broken ground on a methyl glycols (MG) plant at its Verbund site in Zhanjiang, China. The new facility is designed with an annual capacity of 46,000 metric tons and aims to meet the rapidly growing demand for brake fluids in the region. The plant is scheduled to commence operations by the end of 2025. Utilizing BASF's unique process technology, the new facility will be the only fully backward integrated methyl glycols plant into a steam cracker in China, serving the fast-growing brake fluids market. ◾️Zhanjiang Ecological Environment Bureau \|19^th Apr 2024 \| Environmental impact assessment document of the first phase of the engineering plastics product optimization project The first phase of the BASF (Guangdong) integrated project engineering plastics product optimization project is located in the first phase of the BASF (Guangdong) integrated project in the Donghai Island Petrochemical Industrial Park in Zhanjiang City. It is a technical transformation project, mainly to adjust the production plan of production lines 1, 2, and 4 in the engineering plastics workshop, increase the production capacity of red phosphorus masterbatch flame retardant products by 11,000 tons/year (8,000 tons/year in the near future, and 3,000 tons/year in the long term), and reduce the production capacity of general PA/PBT/PBAT products by 11,000 tons/year, and the total production capacity of 160,000 tons/year remains unchanged. The technical transformation does not involve the TPU workshop of the first phase of the project, only the product plan of the engineering plastics workshop is adjusted, and its production process has not changed. The types and total usage of the main raw and auxiliary materials remain unchanged, and there are no new water, gas, and heat nodes and wastewater and waste gas nodes. No technical transformation will be carried out on the auxiliary and public works of the existing approved projects. #engineeringplastics #syngas #polyurethane #tpu #acrylates #acrylicacid #polyethylene #eoeg #ethyleneglycol #linde #basf #verbund #zhanjiang #guangdong #polyamide #pbt #pbat
News	Kokel, Nicolas Zhanjiang Verbund 2024/12/14 10:10 AM BASF launches new HDPE brand and reaches HDPE construction milestones at Zhanjiang Verbund site. View Main Message BASF launches new high-density polyethylene brand and makes significant progress in the construction of its integrated base in Zhanjiang 2^nd Dec 2024 \| Sina.com \| Author: PROCESS Process Industry On November 29, 2024, BASF launched a new high-density polyethylene (HDPE) brand, Easiplas^TM. At the same time, the construction of the high-density polyethylene plant at BASF’s Zhanjiang integrated base also made significant progress. The high-density polyethylene plant under construction at BASF’s Zhanjiang integrated base also recently reached key milestones, including the successful installation of the reactor and product degassing silo, taking another substantial step towards the mechanical completion of the plant. The high-density polyethylene plant at BASF's integrated base in Zhanjiang will start construction in 2023, with an estimated annual production capacity of 500,000 tons, and is scheduled to be put into production at the end of 2025. The brand name Easiplas^TM highlights high-quality plastic products made on latest technology that are easy to process and use. Note: Technology employed can not be retrieved. Photo of the plant clearly shows a single gas phase reactor. It is strongly presumed the technology is Unipol PE employing Prodigy catalyst for making bimodal HDPE products. #hdpe #basf #china #zhanjiang #guandong
News	Kokel, Nicolas BASF 2024/12/14 09:02 AM German Chemical Industry Collapsing due to Skyrocketing Electricity Prices View Main Message Ludwigshafen BASF aerial view in 2017. Credit: Wikipedia. 14^th Dec 2024 Nearly 40% of German Companies Plan Job Cuts in 2025 According to a survey conducted by the German Economic Institute (IW), approximately 40% of enterprises in Germany intend to reduce their workforce in 2025. Researcher Michael Grömling attributed this primarily to high energy prices. Electricity Prices in Germany Hit a Record High The price of electricity in Germany reached an all-time high on Thursday, with the market cost of one megawatt-hour hitting €936. Even during the chaos of 2022, prices did not soar to such levels. "We are facing a systemic collapse," warned the German Chemical Industry Association in response to the current energy crisis. For now, the crisis has not fully impacted consumers, as electricity contracts are locked in a year ahead. However, Germans are already paying €400 per megawatt-hour under existing agreements. #germany #chemicalindustry #basf #electricity #electricityprices
News	Kokel, Nicolas Zhanjiang Verbund 2024/12/13 08:54 PM BASF successfully installed steam cracker module at its Zhanjiang integrated site. View Main Message BASF successfully installed steam cracker module at its Zhanjiang integrated site 20^th Nov 2024 \| Source: Zhanjiang Cloud Media \| Author: Reporter Chen Yan Recently, the steam cracker module of BASF’s Zhanjiang integrated base was successfully installed, marking a new milestone in the construction of the project and taking a solid step towards the goal of putting the integrated core into operation by the end of 2025. Tian Yaqing, senior vice president of integrated project management at BASF's new integrated site in China, said that the modular construction concept adopted by the plant has significant advantages in terms of efficiency, safety and quality. "By using pre-assembled modules, we can simplify the construction process, shorten the project duration and minimize on-site disturbance. This approach not only improves safety through more controlled assembly in a factory environment, but also ensures the stability of the quality of each component." Currently, BASF's Zhanjiang integrated base is making every effort to build its integrated core, including a steam cracking unit and multiple downstream units for the production of petrochemicals, intermediates, etc. #steamcracker #zhanjiang #basf #ethyleneplant #china
News	Kokel, Nicolas NYBOC NYBOC Yangzi 2024/12/06 10:39 AM Yangzi-BASF Light Hydrocarbon Comprehensive Utilization Project View Main Message Yangzi-BASF Light Hydrocarbon Comprehensive Utilization Project with 1 million tonnes steam cracker begins construction, receives environmental impact assessment. 7th Sep 2024 \| Source: DT New Materials, via Sohu.com Yangzi-BASF Light Hydrocarbon Comprehensive Utilization Project On August 30, 2024, the Yangzi-BASF Light Hydrocarbon Comprehensive Utilization Project officially began construction. The project investment is approximately 9.142 billion yuan, with downstream new materials projects totaling about 25.652 billion yuan. The project includes construction of three process units and supporting facilities: ° One 1 million tons/year ethylene steam cracking unit ° One 500,000 tons/year gasoline hydrogenation unit ° One 620,000 tons/year aromatics extraction unit The project is constructed and operated by Nanjing Yangzi-BASF Olefins Co., Ltd., which was newly established on October 24, 2023. The company was formed as a 50-50 joint venture between Sinopec Yangzi Petrochemical Company Limited and BASF-YPC Company Limited. 15th Nov 2023 16:25 \| Petrochemical Federation Chemical New Materials Committee \| via WeChat. With a total investment of over 10.3 billion yuan, Nanjing Yangzi-BASF Olefins Co., Ltd. will build a 1 million tons/year steam cracking ethylene plant On November 13, 2023, the Jiangsu Environmental Protection Public Network released the second public announcement of the environmental impact assessment of the light hydrocarbon comprehensive utilization project of Nanjing Yangzi BASF Olefin Co., Ltd. and put forward suggestions and opinions on the project construction content to all sectors of society. ° Construction unit: Nanjing Yangzi-Yanba Olefins Co., Ltd. ° Project name: Light hydrocarbon comprehensive utilization project ° Construction location: The project area is located in the inspection and safety area of Yangzi Petrochemical; the product tank area is located in the Henghai area of Yangzi Petrochemical; the flare is arranged in the BASF-YPC-Yunnan land. ° Project type: Greenfield project. ° Total investment: 1,030,513 million yuan, with additional environmental protection investment of 262 million yuan; ° Land area: The total land area is 43.3 hectares (33 hectares for Jianan area and 10.3 hectares for Henghai area). ° Number of employees: The labor quota for this project is 207 people. ° Project Overview: The project includes a 1 million tons/year steam cracking ethylene production unit and 4 downstream chemical units; supporting public engineering systems include raw materials, intermediate raw materials, product tank farms, air compressor stations, circulating water fields, power supply systems, flare systems, etc.; and the transformation of existing facilities of Yangzi and BASF-YPC. It is reported that Yangzi Petrochemical's existing "refinery structure adjustment project" will be completed and put into production before this project is put into production. After the project is put into production, the refining sector of Yangzi Petrochemical will supply raw materials for the "ethylene cracking unit of this project" and "Yangzi Petrochemical's existing 800,000-ton ethylene cracking unit." #basf #ypc #lighthydrocarbon #petrochemical #yangzi #ethylene #steamcracking #gasoline #aromatics
News	Kokel, Nicolas Nanjing 2024/12/06 09:36 AM Yangzi-BASF integrated expansion project View Main Message 7th Sep 2024 \| Source: DT New Materials, via Sohu.com On April 7, the environmental impact assessment for the Phase III C4 Value Chain Optimization Project of BASF-YPC Company Limited was publicly announced for the first time. Previously, on May 29, 2023, the environmental impact assessment for the Phase III C2 Value Chain Expansion Project was announced. This project mainly involves the construction of a new 300,000 tons/year photovoltaic-grade EVA facility. The earlier Phase 2.8 mainly expanded the production capacity of Propionic Acid (PA), Propionaldehyde (PALD), Ethylene Amines (EEA), Ethanolamines (EOA), and Purified Ethylene Oxide (PEO), and built a new Tert-Butyl Acrylate (TBA) unit, which was commissioned in November last year. #basf #ypc #c4valuechain #yangzi #eva #c4 #mixedc4 #crudeC4 #raf
Operations	Kokel, Nicolas BASF Antwerp 2024/11/01 07:00 PM Some imports and outputs added. View Main Message HPPO plant, propylene oxide production and imports of naphtha and hydrogen peroxide have been added. #basf #antwerp #belgium #propyleneoxide #hydrogenperoxide #propylene #ethylene #hppo #steamcracker #naphtha
Technology	Kokel, Nicolas BASF Dow HPPO 2024/11/01 09:47 AM HPPO Process description updated. View Main Message Description of the HPPO process has been update. #hppo #propyleneoxide #propylene #hydrogenperoxide #dow #basf