Austria’s Neveon completes sale of automotive arm

Market: Petrochemicals
11/01/24

Austrian foam producer Neveon has sold its automotive equipment business to focus on its vertically integrated foam business.

The automotive equipment business was sold to France's Treves Group. Antitrust approval was granted on 31 December, Neveon said today, after the sales process began in August 2023.

Neveon, a subsidiary of Austrian firm Greiner, is a major consumer of isocyanates, including TDI and MDI, and of polyols. The firm produces foam for mattresses, upholstered furniture and healthcare as well as for aviation, railway and specialty applications.

Neveon's sales were €732mn ($801.6mn) in 2022, the latest available figures.

By Laura Tovey-Fall

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24/04/25

Dow delays Path2Zero ethylene project in Canada

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India, Saudi Arabia to establish two Indian refineries

23/04/25

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23/04/25

India, Saudi Arabia to establish two Indian refineries

Mumbai, 23 April (Argus) — India and Saudi Arabia will collaborate on establishing two refineries and petrochemical projects in India, according to an Indian government release today. Indian prime minister Narendra Modi met Saudi prime minister Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 had pledged to invest $100bn in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health. The government did not disclose further details, but industry sources said that one of the two refineries might be Indian state-run BPCL's planned refinery in Andhra Pradesh , which Saudi Arabia's state-controlled Saudi Aramco may join as an investor. The other one might be a refinery in Gujarat, under a partnership with Indian upstream firm ONGC and Aramco. But plans for a 1.2mn b/d refinery in Ratnagiri in collaboration with IOC and Adnoc have mostly been ruled out, because of logistical issues relating to the size of the refinery and land acquisition hurdles, among others. Saudi Arabia is the third-largest crude supplier to India, making up 15pc or 712,000 b/d of India's total imports in January-March, data from oil analytics firm Vortexa show. Saudi Arabia's share in the Indian market has declined, after Russia became India's biggest supplier following its war with Ukraine. Modi's trip to the Middle East comes close on the heels of US vice president JD Vance's visit to India on 21 April. The visit included negotiations for an India-US bilateral trade agreement and efforts towards enhancing co-operation in energy, defence, strategic technologies and other areas. JD Vance in India Vance said on 22 April at his speech in Jaipur that India will benefit from US energy exports and said the US wants to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies. US president Donald Trump has pushed India to step up its purchases of US crude and LNG. Crude imports from the US doubled on the month to 289,000 b/d in March, of which 65,000 b/d was Canadian Cold Lake crude, according to trade analytics firm Kpler. The visits come at a time when geopolitical and trade uncertainty has risen, because of Trump's volatile tariff policies. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Circular Plastics to start up Vietnam recycling plant

23/04/25

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23/04/25

Circular Plastics to start up Vietnam recycling plant

Singapore, 23 April (Argus) — Singapore-based regional plastic recycler Circular Plastics (CPC) is expected to start up its second recycling facility in Ba Ria-Vung Tau, Vietnam, in late May, a company spokesperson told Argus. The facility has a production capacity of 25,000 t/yr of recycled polyethylene terephthalate (rPET) flakes and 14,000 t/yr of rPET pellets. CPC currently produces 18,000 t/yr of rPET flakes and 14,000 t/yr of rPET pellets from its other facility located in Yangon, Myanmar. CPC is a producer of high-quality food grade recycled packaging material and supplies global beverage and consumer product companies. By Sihan Long Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US PVC demand outlook softens on weak housing

21/04/25

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21/04/25

US PVC demand outlook softens on weak housing

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US Senate seeks coordinated cargo theft probes

14/04/25

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14/04/25

US Senate seeks coordinated cargo theft probes

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