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Latest market news

Blue Circle Olefins partners with Chane on MTO unit

  • Market: Biofuels, Chemicals, Petrochemicals
  • 13/02/26

Netherlands-based Blue Circle Olefins has signed an agreement with European storage and logistics provider Chane to site its planned methanol-to-olefins (MTO) production facility at Chane's Terminal Nieuwe Maas in the Port of Rotterdam.

The companies said Chane will also provide logistics services to the MTO plant and storage facilities for renewable methanol feedstocks.

The 200,000t MTO facility will manufacture ethylene and propylene from green methanol, made from mixed plastic waste or agricultural and forestry residue. The facility is scheduled to start production by 2030.

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Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

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13/02/26

EU sets definitive duties on Taiwanese and Korean ABS

EU sets definitive duties on Taiwanese and Korean ABS

London, 13 February (Argus) — The European Commission has imposed definitive duties on imports of acrylonitrile-butadiene-styrene (ABS) from Taiwan and South Korea into the EU. The duties are set on a cif basis at the EU border and typically apply for five years. South Korea's LG Chem and Lotte Chemical received duties of 7.5pc and 5.2pc, respectively, while other unnamed Korean producers were assigned a 7.5pc rate. The duty for LG Chem is 3.8 percentage points higher than the provisional level, while Lotte Chemical's declined by 0.6 percentage points. Duties for other unnamed Korean companies rose by 1.7 percentage points. Taiwanese firms Chimei and Grand Pacific Petrochemical were each assigned a 10.9pc duty, up by 0.1 percentage points from the provisional level. Formosa Chemical and Fibre received the highest rate at 21.7pc, unchanged from the provisional duty. Duties on other unnamed Taiwanese producers also remained unchanged at 21.7pc. The definitive measures follow provisional duties introduced in August 2025. Several producers told Argus the provisional duties did not provide enough of a deterrent to curb imports. During the investigation period, when imports had to be registered with EU customs, the commission found that volumes rose by 6pc on a monthly average basis before provisional duties were imposed. Import prices increased by 2-3pc in the same period. On this basis, it concluded that higher inflows at slightly firmer prices were not sufficient grounds to apply definitive duties retroactively. The definitive rates will apply from 12 February 2026. South Korea and Taiwan are Europe's two largest ABS suppliers. Europe imported about 195,000t of ABS from the two countries during January-November 2025, according to Global Trade Tracker (GTT). Imports in 2025 were broadly in line with previous years, averaging around 200,000 t/yr since 2021. The introduction of provisional duties in the third quarter did not appear to affect volumes, with third-quarter imports up by about 2pc on the year. Mid-fourth-quarter 2025 figures were roughly half of full fourth-quarter imports in 2024. By Sebastian du Plessis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Petrobras waives Braskem share rights

12/02/26
News
12/02/26

Petrobras waives Braskem share rights

Sao Paulo, 12 February (Argus) — Brazil's state-controlled Petrobras has opted not to exercise its preemption or tag-along rights in the potential transfer of petrochemical producer Braskem's shares held by Novonor's subsidiary NSP Investimentos to the Shine I FIDC credit rights fund. Novonor, formerly Odebrecht, is Braskem's controlling shareholder, while Petrobras is the other major shareholder. Petrobras' board approved the decision on 11 February, citing the current stage of negotiations and authorizing the executive management to take the steps required to implement it. The Shine I FIDC fund was created as part of the restructuring framework tied to Novonor's creditor-backed assets, and serves as the vehicle designated to receive the Braskem shares securing those obligations. The fund consolidates the credit rights involved and acts as the platform through which Braskem's controlling block would be transferred. Petrobras' move marks another stage in the long-running effort to reshape Braskem's ownership structure. As discussions progress, the multi-part operation is expected to result in the IG4 Capital-linked fund assuming control. IG4 Capital, a private equity firm focused on distressed assets, has advanced a strategy centered on acquiring Novonor's debt from a consortium of banks including Itau, Bradesco, Santander, Banco do Brasil and Bndes and converting it into equity in Braskem. This debt-for-equity approach could allow IG4 to take control without a direct share purchase. But Braskem's change of control has yet to secure government approval. On 3 February, antitrust regulator Cade said it would conduct a deeper analysis of IG4's proposed investment, extending the decision timeline and further complicating the dispute for control. Cade said the transaction's structure requires a more detailed review of its corporate implications and competitive effects, despite its initial submission under a fast-track procedure. Petrobras will release further information once it receives the final terms of the proposed operation, it said. Braskem is the largest producer of thermoplastic resins in the Americas and a global leader in biopolymer production. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US PE exports to Brazil at risk with higher duties

12/02/26
News
12/02/26

US PE exports to Brazil at risk with higher duties

Houston, 12 February (Argus) — More than 9pc of US polyethylene (PE) exports will need to find a new home if the Brazilian government moves forward with a recommendation that would nearly triple provisional anti-dumping duties on imports of US PE. The proposal, made by Brazil's department of trade defense Decom, calculated a duty of $734.32/metric tonne for US exporters, up from current provisional anti-dumping duties of $199.04/t on US-origin PE. The proposals for Canada are not nearly as steep, with one Canadian producer facing new anti-dumping duties of $264.99/t and another facing $232/t. The current provisional anti-dumping duty for Canada is $238.49/t. A final decision on making the proposed duties permanent is not expected until mid-May. While some volumes will still likely be able to move from Canada under the new proposal, the higher US duties would effectively cut off Brazil as an export option for US producers, forcing them to find new alternative destinations. "Does that choke off US-sourced imports from going into Brazil? If it does, where does [that volume] go," said one North American PE producer. "It has to go somewhere." From January through November 2025, the US exported 1.268mn t of PE to Brazil, representing 9.2pc of total exports, according to data from Global Trade Tracker. That represented an average of more than 115,000t of material a month, though volumes began to decline sharply in October and November, with total volumes in November down to 83,768t. The current provisional anti-dumping duties were imposed in August 2025, but had a limited effect on Brazil's imports last year, as the US remained Brazil's top supplier, even as it lost market share, official Comexstat data from Brazil showed. "Some people were able to limp along with the $200/t duty, but this [proposed duty] doubles your price," said one US exporter. "It kills it [trade] at that point." Another US exporter said most of its customers in Brazil have already stopped discussions about US material. A few customers had long-term contracts that lasted through the end of the year, but those customers will no longer buy US material in 2026, the trader said. "Our clients, even with the $199/t duty were reluctant. It's become a moot point — $734/t is crazy. How can you do that?" the trader said. Brazil is not self-sufficient, and will still need PE imports, but traders said they expect Brazilian customers to turn to material from the Middle East or Asia to fill in supply gaps. That will result in a trade shift, with material from the US filling in gaps that Middle Eastern or Asian material used to fill. "Brazil has to be filled in with something, and that will starve other markets," said the US exporter. "I think you will see a shifting of trade routes, and the markets will still balance." The exporter said Europe and Africa are likely to become new top destinations for US material. By Michelle Klump Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US E15 group floats fewer biofuel mandate waivers

12/02/26
News
12/02/26

US E15 group floats fewer biofuel mandate waivers

New York, 12 February (Argus) — US lawmakers are weighing a proposal that would make it harder for oil refiners to win exemptions from annual biofuel mandates but still let regulators decide which companies deserve relief. The US House of Representatives last month punted on legislation that would allow year-round sales of 15pc ethanol gasoline (E15) and revamp the biofuel quota program, instead tasking a "rural domestic energy council" of more than 20 Republican lawmakers with hashing out reforms. One provisional plan circulated by the council this week would cap the total volume of future exemptions, according to four people familiar with the proposal and a draft framework shared with Argus . The US Environmental Protection Agency (EPA) requires oil companies to annually blend biofuels or buy Renewable Identification Number (RIN) credits from those that do, while letting small refineries bid for hardship exemptions that can save them tens of millions of dollars. Exemption decisions have varied wildly over time, from mass denials under former-president Joe Biden to generous exemptions under President Donald Trump that has frustrated farmers. 450mn RIN cap The House task force's proposal would make the program somewhat more predictable. EPA would initially have to exempt 450mn RINs from annual biofuel obligations but no more, prioritizing companies that prove the most hardship. That would be a substantial drop from the nearly 1bn RINs the Trump administration has already exempted from 2024 quotas, initially set at 21.5bn credits. If mandates rise over time, EPA must proportionally raise that 450mn RIN cap. One gallon of corn ethanol generates 1 RIN, while more energy-dense fuels like renewable diesel earn more. Unexpected exemptions can hurt RIN prices, cutting into biorefinery margins and curtail demand for crops like corn and soybeans. Other changes would limit — but not entirely eliminate — EPA's discretion. Regulators would have to largely stick to their current system for measuring hardship, which factors in criteria like a refinery's access to capital. EPA would also have to consider "additional materials" determined by the council to limit "abuse", though the framework does not elaborate on what this would entail. An earlier proposal backed by the American Petroleum Institute and ethanol groups would have restricted exemptions to companies with limited collective refining capacity, angering some larger companies that would have lost the ability to win exemptions for smaller units they own. The latest proposal would leave it to EPA to decide which facilities deserve relief, letting small companies, mid-sized refiners like Delek and even oil majors like Chevron still compete for a smaller pool of exemptions. EPA could not force larger oil companies to blend more biofuels to offset exemptions for their smaller rivals and would have to automatically extend exemptions if it takes more than six months to weigh a company's new request. The framework would also keep the program focused around fuels that retailers can easily blend, blocking EPA from ever reviving a Biden plan to credit biogas that powers electric vehicles. The proposal shared with Argus makes no explicit mention of removing summertime limits of E15, though that is the top priority for farm-state lawmakers on the council keen to help corn farmers. Trump has made clear too he wants to expand E15 access . The framework would require EPA to finalize E15 labeling and storage standards. The proposal includes no details on timing. Some biofuel advocates have pushed delaying any changes to 2028, worried that near-term shifts could delay the Trump administration's goal of finalizing new biofuel quotas before April. Not final, still an uphill battle The framework is just one idea the council is weighing and could change. A legislative source familiar with the debate told Argus that "nothing definitive has been decided". The council has a goal of aligning around fuel market reforms by 15 February. Afterwards, any plan would likely need to be added to larger legislation to have a chance of passing, such as a farmer aid package. Advocates of the plan face an uphill battle. Some Republicans, including in the US Senate, have long pushed for more substantial reforms to the biofuel mandates than what the task force has contemplated. The framework only alludes to these concerns, requiring a government watchdog agency to regularly study how the program impacts fuel prices and US refining capacity. Democrats, already frustrated they were left off the council, could also resist permanently excluding electricity. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Malaysia's Fathopes defers FID on biofuels plant

12/02/26
News
12/02/26

Malaysia's Fathopes defers FID on biofuels plant

Singapore, 12 February (Argus) — Malaysian biofuel feedstock supplier Fathopes Energy has postponed the final investment decision (FID) and commissioning target date for its upcoming 300,000 t/yr hydrotreated biofuels plant in Port Klang, Malaysia. Fathopes now targets an FID by the first quarter of 2027, instead of mid-2026 as announced in April 2025. It also aims to commission the plant in mid-2030, instead of 2029 — the original target for commissioning of the plant. The plant will produce sustainable aviation fuel (SAF) or hydrotreated vegetable oil (HVO) via the hydroprocessed esters and fatty acids (Hefa) pathway, depending on commercial considerations. It decided to commission operations later to ensure greater technical accuracy and bankability for the plant, Fathopes Energy told Argus . Fathopes integrated Abu Dhabi conglomerate Bin Zayed International (BZI) as a financial investor in the project in October 2025, after the companies signed an initial agreement to build the plant in April 2025. Fathopes has also allocated more time to find reliable technology partners for the plant's technical feasibility study, with a formal announcement expected in late February, they said. Front-end engineering design (FEED) for the plant is slated to begin in early third quarter 2026 and will be completed by the end of the year. Fathopes also pushed back the plant's commissioning date to incorporate standard oil and gas industry quality for the plant's FEED, as well as its engineering, procurement and construction (EPC) phases. Meanwhile, the plant's 300,000 t/yr capacity captures economies of scale and avoids higher capital outlays typically associated with larger projects, it said, adding that the plant's estimated capital expenditure (Capex) was within industry range. These findings come after the company completed an independent financial feasibility study for the plant, it said last week. Malaysia's access to competitively priced domestic natural gas for hydrogen production provides a cost advantage over plants reliant on imported LNG, Fathopes said. Proximity to regional feedstock supply, direct access to the jetty via pipeline and access to the Port Klang Free Zone, which affords duty exemptions on re-exported goods and streamlined customs procedures, are some of the plant's competitive advantages. The plant is also located near port operations manager and services provider Westports in Port Klang. Fathopes will tap on its original position as a biofuel feedstock aggregator and supplier to source feedstocks for the plant — with feedstock such as used cooking oil, palm oil mill effluent oil, empty fruit bunch oil, spent bleaching earth oil, among others — from locations including Malaysia, Indonesia, the Philippines, Singapore and Brunei, it said. It also has an advantage with its in-house applications — one for commercial partners like restaurants and industrial kitchens, and another for households and small vendors — which track each litre of feedstock to ensure compliance with International Sustainability and Carbon Certification (ISCC) requirements, it added. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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