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Latest Market News

Kuwait’s TKSC declares force majeure over US-Iran war

  • Spanish Market: Petrochemicals
  • 09/03/26

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

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09/03/26

Equate halts EG-2 unit in Kuwait

Equate halts EG-2 unit in Kuwait

Amsterdam, 9 March (Argus) — Kuwait-headquartered petrochemical producer Equate has temporarily shut down its EG-2 ethylene glycol unit in Shuaiba during the ongoing war between the US/Israel and Iran. The firm suspended output "to safeguard people and operations", the firm said today. Equate operates two ethylene glycol units with capacities of 600,000 t/yr and 550,000 t/yr in Shuaiba, Kuwait, according to Argus data. The firm's notice related only to the EG-2 plant, implying that other units are running, although operations are likely to be affected. Equate operates two steam crackers at the Shuaiba site with a combined 1.85m t/yr ethylene capacity, which supplies the EO/EG units and 890,000 t/yr LLDPE/HDPE capacity. The firm also runs a 1.025mn t/yr ethylene glycol facility in Texas in the US, as well as two sites with a combined capacity of 1.35mn t/yr of ethylene glycol in Canada's Alberta through its subsidiary MEGlobal. Exports of ethylene glycol from the Mideast Gulf were effectively halted by the war, with tanker traffic through the strait of Hormuz — the main route for Mideast Gulf crude, LNG and petrochemicals exports — almost at a standstill since the US and Israel began launching air strikes on Iran on 28 February. Tehran has responded by attacking other countries in the region, including targeting oil and gas infrastructure and shipping. Kuwait supplies most of its monoethylene glycol (MEG) to Asia, mainly to India, China and Pakistan. The country exported over 1.2mn t of MEG in 2025, Global Trade Tracker data show. India received 548,000t or 45pc of total exports, while China and Pakistan took 402,000t and 165,000t, representing 33pc and 14pc of exports, respectively. By Liana Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US-Iran war: Latest news

09/03/26
09/03/26

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.

Japan's Mitsubishi Chemical slows ethylene production

09/03/26
09/03/26

Japan's Mitsubishi Chemical slows ethylene production

Tokyo, 9 March (Argus) — Japanese petrochemical company Mitsubishi Chemical reduced the operating rate of its 485,000 t/yr naphtha-fed cracker at its Ibaraki plant in eastern Japan late last week, Mitsubishi Chemical told Argus on 9 March. The move is a part of its efforts to avoid halting operations altogether, following concerns over naphtha supplies because of the US-Iran conflict. Domestic and imported naphtha procurements are becoming uncertain, Mitsubishi Chemical said. Normal operations continue at the company's 496,000 t/yr cracker, jointly owned by chemical firm Asahi Kasei and Mitsubishi, at the Mizushima plant. The difference between its two crackers reflected stockpiled naphtha levels at each plant, Mitsubishi Chemical added. Separately, fellow Japanese petrochemical firm Idemitsu notified its customers last week that the company could halt its ethylene output in the middle- to long-term if the supply shortage of feedstock naphtha lasts long, it said. But Idemitsu currently has no concrete plans to stop its ethylene production, the company added. Idemitsu has a 623,000 t/yr naphtha cracker at its Tokuyama plant in western Japan and a 374,000 t/yr cracker at its Chiba plant in eastern Japan. Further concerns Other Japanese petrochemical producers also share concerns over naphtha supplies. Japanese chemical company Resonac's subsidiary Crasus Chemical has halted its 618,000 t/yr naphtha-fed cracker for maintenance since February. The cracker is expected to come back on line in late April or later. "If the current situation lasts until then, our cracker could also be affected," Crasus Chemical said. Fellow petrochemical firm Tosoh has halted its 493,000 t/yr cracker on 4 March for regular maintenance, which was planned before the US-Iran conflict started. The cracker is expected to come back on line around 19 April, but its restart could be delayed if the current situation disrupts naphtha procurement, Tosoh said. Petrochemical firm Maruzen Petrochemical has confirmed that it can continue operating its 480,000 t/yr cracker at its Chiba plant with its inventories at least during March, the company said. By Kohei Yamamoto 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

09/03/26
09/03/26

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.

Southeast Asia faces methanol supply crunch: Update

09/03/26
09/03/26

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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