Chemicals
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Mexico’s auto output up, exports down in Dec
Mexico’s auto output up, exports down in Dec
Mexico City, 9 January (Argus) — Mexico's light-vehicle production rebounded in December after several months of declines, while exports continued to weaken on trade uncertainty. Automakers produced 243,961 light vehicles in Mexico in December, an 8.5pc increase from the same month in 2024, statistics agency Inegi reported on 9 January. This follows an 8.4pc decline in November and marks the first month to show annual expansion since July, coming in a year marked by trade uncertainty with the US placing blanket 25pc tariffs on Mexican goods in March. Mexico's auto output reached 3.95mn in 2025, only 0.9pc below the 3.99mn produced in 2024 — the highest level for any year on record, positioning 2025 output as the second highest, said Mexican automaker association AMIA. Mexico exported 227,262 light vehicles in December, down by 15pc from a year earlier, while full-year 2025 exports fell by 3pc to 3.39mn units from 2024. Still, AMIA noted that 2025 marked the fourth-highest year for exports on record. Domestic light vehicle sales rose by 5pc in December to 154,450 units, Inegi reported. This put full-year sales at 1.52mn — a 1.4pc increase over 2024, making it the third-best year on record for sales, AMIA said. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Sabic to sell European business to Aequita: Update
Sabic to sell European business to Aequita: Update
Adds detail on Sabic write down in para 2 London, 8 January (Argus) — Saudi state-controlled Sabic will sell its European petrochemicals and polymers assets to Germany-based private equity company Aequita for $500mn, it said today. The transaction will be fully funded by loans from Sabic that are repayable "based on future cashflows, resulting from synergies between the divested Sabic business and other European olefins and polyolefins assets". The companies anticipate the deal closing in the fourth quarter. Sabic said that it would record a SAR10.8bn ($2.88bn) non-cash write down as a result of the divestment The acquisition includes Sabic's production facilities in Teesside, UK, Geleen, the Netherlands, Gelsenkirchen, Germany, and Genk, Belgium. This includes an operating cracker in Geleen, Sabic having closed another cracker there, and a cracker in Teesside. Sabic said the sale allows it to "exit structurally competitive disadvantaged assets" and help it to "refocus financial resources and management attention towards growth areas where [it] has clear competitive advantages". Sabic said it would export products to Europe and the Americas from the Middle East, although the sale agreement includes all related commercial functions. Aequita is in the process of building a scaled olefins and polyolefins business. It is already acquiring olefin and polyolefin assets from LyondellBasell . It could have options to extend, with various assets up for sale including BP's integrated refinery and cracker complex in Gelsenkirchen, which is a key supplier to Sabic's polymer production at the same site. Sabic also said today that it will sell its engineering thermoplastics division in the Americas and Europe to Mutares, another German private equity company. Sabic European chemical and polyolefin assets Country Location Product Capacity ('000t) UK Teeside LDPE 415 Germany Gelsenkirchen PP 320 Germany Gelsenkirchen HDPE 220 Germany Gelsenkirchen LLDPE 300 Netherlands Geleen Ethylene 690 Netherlands Geleen Propylene 405 Netherlands Geleen HDPE 150 Netherlands Geleen LDPE 375 Netherlands Geleen PP 550 Netherlands Geleen Butadiene 120 Netherlands Geleen Benzene 170 Netherlands Geleen MTBE 160 Belgium Genk PP compounding 180 Source: Sabic Aequita olefins and polyolefin assets, post-Sabic and LYB completions Country Location Product Nameplate capacity ('000t) Netherlands Geleen Ethylene 675 Germany Munchsmunster Ethylene 345 France Berre Ethylene 456 Total ethylene 1,476 Germany Gelsenkirchen HDPE 270 Netherlands Geleen HDPE 150 Netherlands Geleen HDPE 150 Germany Munchsmunster HDPE 320 United Kingdom Wilton LDPE 400 Netherlands Geleen LDPE 470 France Berre LDPE 320 Germany Gelsenkirchen LLD-HDPE 300 Total PE 2,380 Geleen Netherlands Propylene 485 Munchsmunster Germany Propylene 250 Berre France Propylene 250 Total propylene 985 Germany Gelsenkirchen Polypropylene 325 Netherlands Geleen Polypropylene 350 Netherlands Geleen Polypropylene 250 Spain Tarragona Polypropylene 270 Spain Tarragona Polypropylene 120 United Kingdom Carrington Polypropylene 230 France Berre Polypropylene 340 Total PP 1,885 Source: Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Asia energy storage to accelerate in 2026
Viewpoint: Asia energy storage to accelerate in 2026
Singapore, 7 January (Argus) — Stronger government signals and new industry initiatives to support energy storage systems (ESS) in Asia-Pacific are set to accelerate deployments, creating ripple effects across the battery and lithium market in 2026 as participants eye a new growth engine. ESS deployment remains uneven across Asia-Pacific. China accounts for 88pc of the region's 85GW capacity in 2024, according to industry group Energy Institute. The remainder is concentrated mainly in Australia and South Korea. These countries aim to scale up ESS buildout further. China is targeting 180GW of capacity by 2027, while South Korea plans to reach 2.22GW capacity by 2029. Australia has committed A$500mn ($337.75mn) to expanding local battery manufacturing. Other Asian nations are also picking up pace. Vietnam is targeting up to 16.3GW of ESS by 2030, while Malaysia launched its first 400MW auction this year. Governments are increasingly supporting integrated renewables and battery projects. India and the Philippines awarded such projects this year; Australia is auctioning dispatchable clean power contracts , and Malaysia intends to do this year, according to lawmakers. "In Asia-Pacific, while spot markets exist in some jurisdictions, most markets still lack mature price signals and ancillary service frameworks needed for merchant energy storage investment," nonprofit EnergyTag's Asia Pacific head Shailesh Telang told Argus . ESS deployment is still primarily backed by tenders, subsidies, regulated tariffs, or state-supported procurement, Telang noted. "Over time, market forces can take over, but today policy remains the primary driver," he said. Industry initiatives could further support growth. Regional advocacy group Fessia launched in September and will initially focus on smoothing policy for ESS deployment and bankability in Vietnam and the Philippines. Corporate standard-setter Greenhouse Gas Protocol is also consulting on switching from annual to hourly matching of clean power purchases . The requirement could spur demand for nighttime clean energy — and, in turn, batteries. But the clause is hotly debated and could feature leeway for smaller industries and emerging economies. Meanwhile, the South Korean government's first ESS central contract market auction in 2025 drew intense interest, selecting eight operators out of 51 proposals for 563MW of ESS capacity — largely concentrated on the mainland. A second auction round followed later. South Korea's ESS momentum, driven by its 2029 capacity target, aligns with domestic battery makers' pivot from electric vehicles. Top battery maker LG Energy Solution's (LGES) plans to produce lithium-iron-phosphate (LFP) ESS batteries domestically, citing the domestic energy ecosystem, starting with 1GWh. South Korean battery makers' ESS focus will likely intensify as the US EV market slows. Leading firms such as Samsung SDI, LGES, and SK On have all redirected resources to tap the ESS market, particularly in the US, given the data centre and renewable energy build-out. Their once EV-dedicated lines are increasingly repurposed to produce ESS as EV market uncertainty lingers. LFP reality sets in Chinese-dominated LFP chemistry continues to see surging adoption in South Korea , which has firmly stepped into the space and closed multiple LFP ESS supply deals in 2025. But China's dominant position in LFP still appears immovable, thanks partly to the scale of its domestic ESS and EV markets. The Chinese government is on track to more than double its new energy storage capacity to 180GW by the end of 2027 from 2024, it said in an action plan . Strong growth persists among Chinese domestic energy storage firms such as Eve Energy, Cornex, Envision, Great Power Energy and Technology, and Hithium, commented a Chinese battery recycler — though the sector remains overshadowed by industry giant CATL. Anticipation of robust ESS growth in China for 2026 — where Argus heard estimates between 30-100pc across multiple analysts and market participants — reflects varying degrees of optimism. Yet, one consensus stands out among market participants: ESS growth is confirmed and is dominating lithium market discussions near the end of 2025, supporting lithium prices and injecting fresh hope for market expansion. By Joseph Ho and Liang Lei Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Ghana's TOR plans additional refinery, petchem plant
Ghana's TOR plans additional refinery, petchem plant
London, 6 January (Argus) — Ghana's state-owned Tema Oil Refinery (TOR) plans to begin a new 100,000 b/d refinery and petrochemical plant initiative this year, according to head of the company Edmond Kombat. No details were provided on the scope or timeframe of the project. TOR was approached for comment. TOR's existing 45,000 b/d refinery resumed operations in December after nearly five years offline, at 28,000 b/d. The company is waiting for completion of a new direct-fired crude heater before it can maximise throughput. This is part of a capacity rehabilitation project, contracted to Italy's Vergaengineering, which TOR said is 95pc complete. It is targeting an increase in crude distillation unit (CDU) capacity to 60,000 b/d in the medium term, and wants to replace a 6,500 b/d catalytic reformer with a 10,000 b/d continuous catalytic reformer. A source in the country said TOR is seeking investors for these plans. The new refinery and petrochemical plant is "planned for implementation" this year, as is turnaround maintenance at the existing refinery's 14,000 b/d residual fluid catalytic cracker (RFCC). TOR is also seeking to upgrade its quality control laboratory this year, and to commission a 120 tonne/hour boiler to ensure "operational reliability". TOR joins PHDC in downstream ambition TOR's stated aim to oversee an eventual 160,000 b/d signals greater state-backed ambition for Ghana's refining industry. TOR's plan to bring its existing refining back to nameplate capacity in 2026 is seemingly on track, but a timeline for the 15,000 b/d CDU upgrade is ill-defined, as is that for the new project.Privately-owned Petroleum Hub Development Corporation (PHDC) is further behind the curve in realising an ambitious plan for a three-refinery, 900,000 b/d project in the country's southwest. This appears to have been postponed since president John Mahama took power in January 2025, according to sources. All this leaves Ghana with clear direction in how it wants to mirror Nigeria to become more self-sufficient in oil product supply, and even to have capacity for exports of refined products. But operational capacity remains far beneath ambition. The 120,000 b/d Sentuo refinery, which began refining activities in November 2023, is operating at a maximum of 40,000 b/d under its first phase. Sentuo was operating all year round in 2024, according to the most recent report from Ghanaian downstream body CBOD. The modular 5,000 b/d Akwaaba and 3,000 b/d Platon refineries operate inconsistently, according to a downstream source. Crude procurement may continue to be an issue for the modular refineries, as was the case in 2024, according to CBOD. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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