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News	Kokel, Nicolas 2025/07/03 11:06 AM Ineos Limited INEOS to Close German Phenol Plant Amid Deepening European Chemical Crisis Aerial view of Ineos Phenol facility in Gladbeck, Germany On June 17, 2025, INEOS has announced the permanent closure of its Gladbeck phenol and acetone facility in Germany, citing uncompetitive European energy costs, punitive CO₂ tax policies, and a collapse in local demand as key drivers behind the decision. The Gladbeck plant, operational since 1954 and once the world’s second-largest phenol production site and the largest single-train phenol plant globally, with a capacity of over 650,000 tonnes per year, will cease operations after a strategic review determined the site could no longer compete with cheaper imports and amid global oversupply. The closure will directly impact 279 jobs and affect over 1,500 indirect positions. Structural Pressures and Market Context Europe’s chemical industry is facing a severe structural crisis. Surging energy and carbon costs have eroded competitiveness, while sluggish industrial activity and persistent overcapacity have led to weak demand for aromatics and their derivatives. Aromatics have been particularly hard hit: in 2023 and 2024, they accounted for 41% of total chemical plant closures in Europe, the European Chemical Industry Council (Cefic) reports. Margins for key products such as styrene and benzene (a phenol precursor) have been negative since mid-2022, and the European polyester (PET) industry is also under existential threat from high costs and cheaper imports, despite EU anti-dumping measures. INEOS specifically cited the exit of several downstream consumers of phenol and acetone in Europe, making local demand insufficient to justify continued operation or investment at Gladbeck. The company’s chairman, Jim Ratcliffe, warned that unless European regulators address the cost and policy environment, further deindustrialization is inevitable. Strategic Shifts: From Closures to Bold Investment Decisions The Gladbeck shutdown follows other high-profile INEOS moves in Europe. In April 2025, Petroineos—a joint venture between INEOS and PetroChina—halted crude processing at Scotland’s Grangemouth refinery, ending a century of refining at the site. The facility is being converted into an import terminal for finished fuels, a move driven by sustained financial losses and inability to compete with larger, more modern refineries in Asia and the Middle East. Despite these closures, INEOS is not retreating entirely from the European chemicals sector. The company is pressing ahead with Project ONE, a €4 billion investment in a state-of-the-art ethane cracker in Antwerp, Belgium. Project ONE is billed as the most energy-efficient facility of its kind in Europe and is expected to be operational by 2026. This investment is seen as a bet on the future of high-value, lower-emission petrochemical production in Europe, even as legacy assets are shuttered. Risk and Renewal in European Chemicals INEOS’s strategy is increasingly bifurcated: the company is closing older, energy-intensive, and less competitive assets in Western Europe, particularly those exposed to high energy and carbon compliance costs, while simultaneously investing in new, world-scale, energy-efficient plants that can compete globally on cost and sustainability grounds. The closure of Gladbeck reflects broader structural shifts in the European chemicals market, where high costs, regulatory pressures, and weak demand are forcing rationalization and consolidation. INEOS’s willingness to invest in new capacity (Project ONE) while exiting legacy operations signals a long-term commitment to Europe—but only on terms that ensure global competitiveness and regulatory alignment. The net effect is a European chemical industry in transition: legacy capacity is being eliminated, supply chains are shifting toward Asia, and only the most efficient, modern, and strategically located assets are likely to survive. For INEOS, the path forward is clear—exit where Europe is uncompetitive, invest where innovation and efficiency can deliver a sustainable edge. #ineos #phenol #gladbeck #facilityclosure #grangemouth #projectone #refining #aromatics
Insights	Kokel, Nicolas 2025/07/02 05:34 AM Europe’s Industrial Backbone Shattered: Lindsey Refinery Collapse Signals Petrochemical Exodus Lindsey Refinery was placed into insolvency \| Photo: Mike Seaman, shutterstock.com 30^th June 2025 Europe’s Industrial Backbone Shattered: Lindsey Refinery Collapse Signals Petrochemical Exodus A wave of closures is decimating the landscape of Europe’s refining and petrochemical industry. The collapse of the UK’s Lindsey oil refinery—one of the country’s last major refining assets—has thrown 420 jobs into immediate jeopardy and sent shockwaves through the sector. This dramatic shutdown is only the latest in a series of high-profile exits that underscore the existential crisis facing European refining. Just weeks prior, Scotland’s Grangemouth refinery—after a century of operation—ceased crude processing, transitioning to an import terminal and marking the end of oil refining in the country. Meanwhile, SABIC’s decision to shutter its Olefins 6 steam cracker at Wilton, Teesside, after 46 years, has sent further tremors through the sector, with hundreds of jobs in jeopardy. No Profits, No Future: Lindsey Refinery’s Struggles Under Prax Ownership The Lindsey Oil Refinery’s descent into insolvency starkly illustrates the vulnerability of small-scale refineries in today’s fiercely competitive market. With a capacity of 113,000 barrels per day, Lindsey is one of the UK’s smallest remaining refineries, and it has struggled to compete against the economies of scale enjoyed by much larger, more modern facilities elsewhere. Persistent financial losses—totaling around £75 million since Prax acquired the site in 2021—ultimately forced the refinery’s owner to seek administration, putting 420 jobs at risk and threatening to deepen the UK’s reliance on imported fuels. The government, left with little time to intervene, has called for an immediate inquiry into the circumstances behind the collapse, underscoring the systemic challenges faced by smaller refineries in an era of global oversupply and razor-thin margins. The Rationalization Imperative These closures are not isolated incidents but part of a broader rationalization of Europe’s olefins and refining capacity. The continent’s steam crackers—once the backbone of its chemical industry—are under siege from a perfect storm: high energy and feedstock costs, weak demand, and a global supply glut exacerbated by massive capacity expansions in China. Naphtha, the main feedstock for European crackers, is costly and less efficient compared to ethane, which dominates in the US and Middle East. Naphtha crackers typically achieve only about 50% olefin yield (ethylene, propylene and butenes), while ethane crackers can reach 80% of ethylene alone—a stark difference in a margin-driven business. Feedstock-dependent Cracking Yields (in weight-%) The numbers tell the story. Since April 2024, six European crackers have been closed or marked for closure, including ExxonMobil’s Notre Dame de Gravenchon (France), SABIC’s Geleen (Netherlands), and now Wilton (UK). TotalEnergies is set to shut its oldest Antwerp cracker by 2027, citing a “significant surplus of ethylene expected in Europe”. The cumulative ethylene capacity lost from these moves reaches 4.35 million metric tonnes per year over the 2020 to 2027 time period, representing 17.2% of the 25.3 million metric tonnes installed ethylene capacity according to the Petrochemicals Europe database. Meanwhile, there is only one single project scheduled for start-up in 2026, INEO's Project ONE ethane cracker in Antwerp, Belgium, which will add 2 million tonnes of olefins (ethylene and propylene) annually. Competitive Pressures and Strategic Failures Europe’s chemical industry is caught in a vice. On one side, it faces relentless competition from regions with lower feedstock and energy costs. On the other, it suffers from stagnant demand at home, with key downstream sectors like automotive in decline and regulatory changes further eroding traditional markets for naphtha cracker byproducts. The result: margins for naphtha crackers have turned weak or negative, with spreads hovering around $200/ton—a level insufficient to justify reinvestment. Historical and forward European steam cracker margins (US $/metric tonne) \| Sparta, 29 August 2024 While Asian and Middle Eastern players have invested in feedstock flexibility and integration—the former converting naphtha crackers to ethane, the latter building up mega scale ethane cracking capacities—Europe has lagged. The region’s fragmented, aging asset base is often poorly integrated, with many sites requiring major capital just to meet new environmental standards. Strategic reviews and divestments are accelerating, with companies like SABIC openly contemplating a full or partial exit from the European market. Policy Response and the Road Ahead The European Commission acknowledges the urgency. High-level dialogues are underway to address the competitiveness crisis, with a focus on modernization, simplification, and financing rather than new regulation. Yet, the challenge is formidable. Many of Europe’s steam crackers are over 40 years old—environmentally inefficient and under-performing by global standards. Without bold action, the risk is not just further closures, but the hollowing out of the region’s industrial base and a growing reliance on imports for both fuels and chemicals. Portfolio Planning PLUS Perspective For market participants, the implications are clear: Asset rationalization will continue: More closures are likely as companies seek to stem losses and reallocate capital. Integration and feedstock flexibility are critical: Survivors will be those who can pivot to lower-cost, more sustainable operations—mirroring the successes seen in Asia and the Middle East. Import dependence will rise: Europe is expected to import 15–20% of its ethylene needs in the coming years, reversing decades of self-sufficiency. Workforce and community impacts are severe: Each closure brings not just economic loss, but social and political fallout, as seen in Grangemouth and Teesside. Outlook The European chemical industry stands at a crossroads. Without decisive investment, integration, and policy support, the current wave of closures may prove to be only the beginning of a deeper transformation—one that will redefine Europe’s place in the global petrochemical value chain for years to come. #prax #sabic #totalenergies #exxonmobil #lyondellbasell #ineos #repsol #versalis #refining #steamcracker #feedstock
News	Kokel, Nicolas 2025/06/27 02:05 PM Petrobras Petrobras Accelerates Refining Expansion with $892M RNEST Investment Petrobras entity description on Portfolio Planning PLUS Petróleo Brasileiro S.A. (Petrobras) has signed contracts worth $892 million with São Paulo-based Consag Engenharia to complete construction of Train 2 at its Abreu e Lima Refinery (RNEST) in Pernambuco, marking a significant milestone in Brazil's quest for energy self-sufficiency. Strategic Investment Framework The RNEST expansion is part of Petrobras' ambitious 2025-2029 business plan, which allocates $111 billion in total investments, with $19.6 billion specifically dedicated to the Refining, Transportation, Marketing, Petrochemicals and Fertilizers (RTM) segment—a 17% increase from the previous plan. This strategic focus aims to increase Petrobras' total distillation capacity from 1.81 million barrels per day (bpd) to 2.1 million bpd of crude oil. Abreu eLima refinery \| Photo: Brazil de Fato, June 20, 2022. RNEST Expansion Details The three awarded contracts cover critical processing units for Train 2: Atmospheric Distillation Unit (UDA): 130,000 bpd capacity Delayed Coking Unit (UCR): 75,000 bpd processing capability Diesel Hydrotreating Unit (UHDT-D): 82,000 bpd capacity for 100% S-10 diesel production Upon completion in 2029, RNEST's total capacity will double from 130,000 bpd to 260,000 bpd, making it Petrobras' second-largest refinery. The expansion will generate approximately 30,000 direct and indirect jobs during construction and operation. Delayed coker at Abreu e Lima refinery \| Credit: Petrobras Technological Leadership RNEST already demonstrates Petrobras' commitment to advanced refining technology. In December 2024, the refinery commissioned the Americas' first SNOX emissions abatement unit, supplied by Topsoe AS, which converts sulfur oxides and nitrogen oxides into marketable sulfuric acid while improving energy efficiency. This positions RNEST as a benchmark for environmental technology in refining operations. SNOX technology description on Portfolio Planning PLUS The refinery currently achieves the highest crude oil-to-diesel conversion rate in Brazil at 70%, and the expansion will enable 100% S-10 diesel production, meeting Brazil's stricter environmental standards. Strategic Impact Energy Security Enhancement: The expansion addresses Brazil's growing fuel demand, particularly in the north and northeast regions that traditionally rely on imports. Petrobras plans to increase S-10 diesel production capacity by 290,000 bpd across its refining system. Economic Rationale: CEO Magda Chambriard emphasized that "RNEST is strategic for Brazil, as it is Petrobras' hub in the North and Northeast regions," highlighting the project's role in national energy security. Financial Performance Context Petrobras' strong financial position supports these investments, with the company reporting a 48.6% year-on-year increase in net profit to 35.2 billion reais in Q1 2025, and adjusted EBITDA of 61 billion reais. Broader Refining Portfolio Beyond RNEST, Petrobras is implementing refining capacity expansions across multiple facilities, including new units at REPLAN and GASLUB, alongside modernization projects at REDUC, REVAP, and REGAP. The company is also advancing its BioRefining program to produce low-carbon fuels, including R5 diesel and sustainable aviation fuel (SAF). Petrobras Refineries \| Market Intelligence by Portfolio Planning PLUS Looking Forward: With RNEST's expansion and the comprehensive refining investment program, Petrobras is positioning itself to maintain its dominance in Brazil's energy sector while supporting the country's transition toward cleaner fuels and greater energy independence. The systematic modeling of these developments on platforms like ppPLUS will be crucial for tracking the progress and impact of these strategic investments. #petrobras #refinery #refining #rnest #snox #capacityexpansion
News	Kokel, Nicolas 2025/06/26 12:52 PM Petrobras Petrobras description has been updated. The description of Petrobras has been updated. #petrobas #refining #refinery #brazil #nationaloilcompany #noc
News	Kokel, Nicolas 2025/06/25 09:39 AM Exxonmobil Singapore ExxonMobil Singapore description updated. The description of ExxonMobil Asia Pacific Pte Ltd (ExxonmMobil Singapore) has been updated. #exxonmobil #exxonmobilasiapacific #singapore #refining #petrochemicals #lubricants

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