Petrochemicals firm LyondellBasell is in exclusive negotiations with Munich-based industrial investment firm Aequita regarding the sale of four olefin and polyolefin assets in Europe. The deal includes its integrated cracker and polyolefin assets in Berre, France, and Muenchsmuenster, Germany, as well as stand-alone polypropylene sites in Carrington, UK, and Tarragona, Spain. The deal is contingent on local council approval and is expected to close in the first half of 2026, LyondellBasell says. The sites were part of six put under strategic review in May 2024. The assets "represent a scaled olefins and polyolefins platform strategically located in proximity to a long-standing customer base", the firms say.
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US-Iran war: Latest news
US-Iran war: Latest news
Singapore, 9 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP STORIES G7 to assess Mideast Gulf crisis as oil tops $100/bl Crude pares gains on IEA stock release report: Update 2 Iran's IRGC warns against continued attacks on energy Saudi Arabia's Shaybah oil field hit by drones again Fire at UAE's Fujairah storage contained Drone attacks tests Oman's bid as Hormuz bypass LATEST NEWS Crude and oil products Vietnam plans oil tax cut on escalating US–Iran war Bahrain's Bapco issues force majeure after refinery hit Asia's gasoline market jumps on weekend attacks Supply fears trigger fuel rationing in Australia Vietnam seeks to diversify fuel import sources Thai refineries issue force majeure on war, export ban China's CNOOC raises naphtha prices on cracker halt Asian prompt LSFO prices spike on supply fears Vietnam to curb crude exports to meet local demand Petrochemicals Kuwait's TKSC declares force majeure over US-Iran war China's Wanhua declares FM on supplies to Middle East Southeast Asia faces methanol supply crunch: Update Japan's Mitsubishi Chemical slows ethylene production Singapore's TPC declares FM on upstream supply woes Fertilizers Chinese domestic sulphur prices rise on US-Iran war Southeast Asian urea prices surge on US-Iran war Bitumen Singapore's Shell, Thai IRPC issue FM on bitumen export Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore’s TPC declares FM on upstream supply woes
Singapore’s TPC declares FM on upstream supply woes
Singapore, 9 March (Argus) — Singapore's polyolefins producer TPC has declared force majeure (FM) on 9 March after shutting multiple plants on Jurong Island following the absence of olefins supplies from its upstream supplier PCS due to the US-Iran conflict. TPC takes olefins supplies from nearby cracker operator PCS, which declared FM on 5 March because of feedstock supply disruptions arising from the ongoing US-Iran war. PCS' crackers are likely operating at reduced rates, limiting olefins supply to TPC and prompting production to be affected. As a result, "production lines are forced to stop for an extended period," the producer said in a company statement seen by Argus . TPC operates two polypropylene (PP) units with a combined capacity of 400,000 t/yr, as well as a 250,000 t/yr low-density polyethylene/ethylene-vinyl acetate swing unit. Its largest 250,000 t/yr PP unit was shut in May 2025 for an undisclosed period due to commercial reasons . TPC is a joint venture between Nihon Singapore Polyolefin (NSPC), which holds a 70pc stake, and Qatar Petroleum International together with Singapore's Shell Petrochemicals, which collectively hold the remaining 30pc. Japan's Sumitomo Chemical is the majority shareholder of NSPC. "At this stage, the duration of the Force Majeure event remains uncertain," the company said. Petrochemical producers in southeast Asia are heavily impacted by the raw material supply disruptions from the Middle East. Singapore's Aster and PCS, along with Indonesia's Chandra Asri , all issued FM notices last week. By Zong Ming Shin and Toong Shien Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kuwait’s TKSC declares force majeure over US-Iran war
Kuwait’s TKSC declares force majeure over US-Iran war
Singapore, 9 March (Argus) — Styrene monomer (SM) producer The Kuwait Styrene Company (TKSC) has declared force majeure (FM) at its 450,000 t/yr nameplate capacity ethylbenzene-styrene monomer (EBSM) plant in Al Ahmadi, Kuwait, due to feedstock supply disruption. The company cited the impact of the Iran conflict on feedstock supplies and difficulties transporting goods through the strait of Hormuz as the reasons for the FM, according to a letter dated 8 March. TKSC shut its EBSM plant on 8 March, with no restart date announced at the time of writing. The announcement followed an FM announced by state-owned oil firm Kuwait Petroleum Corporation (KPC) on 7 March. KPC holds a 42.5pc stake in TKSC through its subsidiary Petrochemical Industries Company (PIC). TKSC's FM declaration came as little surprise to market participants, given the political instability surrounding the strait of Hormuz — the company's only seaborne export route — which has been effectively blocked off since the start of the US-Iran war. The loss of Kuwait-origin SM exports will likely tighten regional SM supplies further, particularly for India-based customers. Kuwait was India's second largest SM supplier in 2025 after Saudi Arabia, with India importing 381,004t, or around 31pc of its total SM imports, from Kuwait last year. Argus last assessed cfr India SM prices at between $60-80/t premiums above published cfr China assessments on 5 March. By Joonlei Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Southeast Asia faces methanol supply crunch: Update
Southeast Asia faces methanol supply crunch: Update
Updates maintenance schedule in paragraph 4 Singapore, 9 March (Argus) — Southeast Asia faces tighter methanol cargo availability after the halt of Middle Eastern shipments given the US-Iran war, as well as low regional inventory levels, with several southeast Asian plants restarting only late last week. Middle Eastern supplies accounted for around 40pc of southeast Asia's methanol imports in 2025, and supplies from Malaysia made up around 51pc, data from Global Trade Tracker (GTT) show. Southeast Asia imported about 1.9mn t of methanol in 2025. Malaysia's 1.7mn t/yr Sarawak Petchem methanol plant, marketed by Petronas, restarted during the week ending 8 March after being off line since the second half of January for planned maintenance, a source close to the company told Argus . The plant is expected to resume on-spec production while it stabilises. But only April-loading cargoes are available, given that most March volumes have been allocated to term customers against a backdrop of regional tightness following the US-Iran conflict. The plant is one of southeast Asia's largest methanol producers. Meanwhile, Malaysian state-owned Petronas' 750,000 t/yr Labuan No.1 and 1.7mn t/yr Labuan No.2 methanol units are operating at full rates. Labuan No.2 unit is scheduled to undergo its annual maintenance shutdown in August for around 62 days, a company source confirmed. Brunei Methanol (BMC) also restarted its 850,000 t/yr plant on 8 March after a shutdown since the first half of February caused by a technical trip, a source close to the company said. The plant is expected to resume on-spec production in the coming days. There are four methanol producers in southeast Asia — BMC, Petronas, Sarawak Petchem, and Kaltim Methanol Industri (KMI). Customers requested up to twice their usual term allocation volumes last week, given that many feared ongoing geopolitical tensions could further delay shipments, while spot availability remains extremely tight, other southeast Asian producers said. Cfr Southeast Asia methanol prices climbed to a four-year high of $400–410/t on 6 March, as end-users rushed to secure cargoes because of disruptions to Middle Eastern supplies that transit through the strait of Hormuz, as well as limited regional availability. By Sihan Long Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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