ING Feedstock Outlook: A Decade of Change
|
|
- Caitlin Charleen Bell
- 5 years ago
- Views:
Transcription
1 ING Feedstock Outlook: A Decade of Change Hamza.Khan@ING.com Head of Commodity Strategy Platts 6th Annual Asian Petrochemicals Markets, Shanghai, April 2017
2 Sea Change: The Feedstock World is Transforming by 2020 China Propylene Capacity (% share) % 40% 4% 3% 2020F 28% 25% 18% 11% 16% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Refinery Naphtha Coal Methanol Propane/Butane Others Source: Argus, ING estimates 2
3 FIRST, WHERE ARE WE AND WHY? SECOND, CHANGES IN THE FEEDSTOCK WORLD THIRD, IMPACT ON OLEFINS 3
4 Feedstocks have different costs and outputs Cheapest to Priciest Ethane Mont Belvieu US$185/t Propane Mont Belvieu US$346/t Butane Mont Belvieu US$330/t Naphtha NW Europe US$482/t Gasoil NW Europe US$495/t 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% *Prices as on 10 April 2017; Source: Platts, Bloomberg, ING estimates 4
5 No Perfect Feedstock: Inherent Pros and Cons Ethane Naphtha Coal Lower feedstock prices Transportation is difficult Diversity of supply sources Higher feedstock prices Lower feedstock prices High capital costs Simple processing More localized market Optimum end product matrix High capital costs Increasing surplus Significant water consumption Low capital costs Mostly ethylene production Complex processing Domestic supply boosts security 5
6 Split is Defined Regionally on Historic Factors Global Petrochemical production capacity in 2014 Gas Quality Infrastructure Others 24% US 20% Mainly Ethane Based Wet gas has NGLs (including Ethane) while Dry gas is mostly Methane Usually, associated gas is wet while nonassociated gas is dry The US and Middle East produce large quantities of wet gas while Russia has mostly dry gas production (a large part of which is flared), leading to reduced ethane production in Russia Availability of ethane crackers to utilize the ethane Suitable transportation methods to ship it to crackers Extremely inflammable nature of ethane creates safety issues while transporting long distances in alternate transport methods including rail and trucks Cost Economics Demand Mainly Naphtha Based Japan 6% Korea 8% China 13% Europe 14% Middle East 15% Ethane recovery largely depends upon the price spread between ethane prices and natural gas prices at the hub The price spread should be enough to cover ethane recovery costs and transport costs at least; otherwise ethane would be left in the gas stream to be sold as natural gas Physically, the higher heat content of ethane can damage pipelines and limits ethane rejection Domestic manufacturing industry with high demand for end products Accessible external markets to absorb any domestic market surplus Liquid trading market Favorable arbitrage to secure long term supply contracts 6
7 FIRST, WHERE ARE WE AND WHY? SECOND, CHANGES IN THE FEEDSTOCK WORLD THIRD, IMPACT ON OLEFINS 7
8 US Will Become a Major Ethane Exporter US Ethane Production Consumption (MMbbls/d) Production Consumption Major export projects include: Enterprise Product Partners- increased capacity from 4.5 mtpa to 8.5 mtpa over recent years Targa increased capacity to 6.3 mtpa from just over 3 mtpa Sunoco came online in 2015 with its 5.8 mtpa terminal Phillips 66 Completed a 6 mtpa export facility One all completed, the US would have the capacity to export roughly 33 mtpa of LPG This is equal to roughly 30% of total LPG seaborne trade currently Source: EIA, ING estimates 8
9 US Projects Ship East Coast Ethane to Europe and India Import Company Origination Port Destination Quantity ( 000 tonnes/year) INEOS Marcus Hook Rafnes, Norway INEOS Marcus Hook Grangemouth, UK Borealls Marcus Hook Stenungsund, Sweden Reliance SABIC Morgan s Point Morgan s Point Scheduled for 240 3Q16 India 1,500 2Q16 Teesside, UK Versalis Dunkirk, France US LPG Exports to Europe (Mbbl/d) US Ethane export Capacity (Mbbls/d) Source: ICIS Presentation, Company reports, EIA, ING estimates 9
10 European Ethane Crackers are Coming Online Upcoming European Ethane Crackers European Petchem Capacity (M Tonnes) Orlen ENI-Versalis Ineos Grangemouth 700,000 tonnes/year Ineos Rafnes 620,000 tonnes/year Repsol SABIC Wilton 865,000 tonnes/year 1 Versalis Dunkerque 600,000 tonnes/year Borealis Stenungsund 5 625,000 tonnes/year ExxonMobil Dow Total SABIC INEOS PE PP Borealis LyondellBasell Source: ICIS, Borealis Presentation 10
11 In China, Coal to Olefins Technology Creates New Capacity Nearly 22 new projects with ethylene production capacity of c.7m t/y and propylene production capacity of c.8m t/yr are under advanced stages of discussion in China Coal/methanol based ethylene can increase its market share from currently c.20% in 2015 to c.35% in 2020 the share was almost 0 five years ago With the current drop in coal prices, the coal to olefins production cost has dropped to as low as c.us$ per ton in remote inner Mongolia or West China where coal mines are situated However, transporting these to the industrial hubs in the East (where olefins are converted into final products) remains a costly affair Heavy water usage in the process is also an operational challenge
12 CtO Boosts Propylene Output with Competitive Production Costs Coal (4.2 tonnes) Synthetic Gas Methanol (3.0 tonnes) MTO Process MTP Process Olefins (~1.0 tonne) 1,600 1,400 1,200 1, Coal to Olefin Production Costs (US$/t) 613 Mixed C4 11% MTO process C5+Othe rs 5% Fuel Gas 2% Ethylene 41% Gasoline 22% MTP process Fuel gas 6% 1,600 1,400 1,200 1, Naphtha to Olefin Production Costs (US$/t) 706 Propylen e 41% Propylen e 72% Source: ICIS, Platts, ING estimates 12
13 CtO Results in Slower Naphtha Demand Growth 4.5 China Apparent Naphtha Demand (M Tonnes) 4.0 Projected CAGR 5.9% CAGR 7.1% China Naphtha Demand China Naphtha Demand (Annual Average) Source: Bloomberg, ING estimates 13
14 FIRST, WHERE ARE WE AND WHY? SECOND, CHANGES IN THE FEEDSTOCK WORLD THIRD, IMPACT ON OLEFINS 14
15 Given PE/PP Demand Forecasts, PP Production Needs to Increase at a Higher Pace 45 China PE Demand/Supply Dynamics (M Tonnes) 35 China PP Demand/Supply Dynamics (M Tonnes) Demand growth +5% CAGR Required production growth +2% CAGR Imports from others Additional imports from ME Imports Demand Growth +5% CAGR Required production growth +4% CAGR Imports Additional Imports Imports Imports Additional imports from US Demand Demand Demand Demand 5 Production Production 5 Production Production a 2025 a 2016 a 2025 a Source: Nexant, Bloomberg, ING estimates 15
16 As Population Grows, Higher Plastics Usage Needs Diverse Feedstocks PE, PP and PVC Consumption (Kg/Capita) USA Japan Europe 40 China 30 Brazil Mexico India Source: Plastic insight, ING estimates 16
17 Disclosures and disclaimer ANALYST CERTIFICATION The analyst(s) who prepared this presentation hereby certifies that the views expressed in this presentation accurately reflect his/her personal views about the subject securities or issuers and no part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this report. IMPORTANT DISCLOSURES Company disclosures are available from the disclosures page on our website at The remuneration of research analysts is not tied to specific investment banking transactions performed by ING Group although it is based in part on overall revenues, to which investment banking contribute. Securities prices: Prices are taken as of the previous day s close on the home market unless otherwise stated. Conflicts of interest policy. ING manages conflicts of interest arising as a result of the preparation and publication of research through its use of internal databases, notifications by the relevant employees and Chinese walls as monitored by ING Compliance. For further details see our research policies page at FOREIGN AFFILIATES DISCLOSURES Each ING legal entity which produces research is a subsidiary, branch or affiliate of ING Bank N.V. See the disclosures pages on our website at for the addresses and primary securities regulator for each of these entities. DISCLAIMER This presentation has been prepared on behalf of ING (being for this purpose the wholesale and investment banking business of ING Bank NV and certain of its subsidiary companies) solely for the information of its clients. ING forms part of ING Group (being for this purpose ING Groep NV and its subsidiary and affiliated companies). It is not investment advice or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, ING makes no representation that it is accurate or complete. The information contained herein is subject to change without notice. ING Group and any of its officers, employees, related and discretionary accounts may, to the extent not disclosed above and to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in this presentation. In addition, ING Group may provide banking, insurance or asset management services for, or solicit such business from, any company referred to in this presentation. Neither ING Group nor any of its officers or employees accepts any liability for any direct or consequential loss arising from any use of this presentation or its contents. Copyright and database rights protection exists in this presentation and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. The value of, or income from, any investments referred to herein may fluctuate and/or be affected by changes in exchange rates. Past performance is not indicative of future results. Investors should make their own investigations and investment decisions without relying on this presentation. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in any issuer or market discussed herein and other persons should not take any action on the basis of this presentation. This presentation is issued: 1) in the United Kingdom only to persons described in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and is not intended to be distributed, directly or indirectly, to any other class of persons (including private investors); 2) in Italy only to persons described in Article No. 31 of Consob Regulation No /98. Clients should contact analysts at, and execute transactions through, an ING entity in their home jurisdiction unless governing law permits otherwise. ING Bank N.V. London Branch is authorised by the Dutch Central Bank. It is incorporated in the Netherlands and its London Branch is registered in the UK (number BR000341) at 60 London Wall, London EC2M 5TQ. ING Financial Markets LLC, which is a member of the NYSE, NASD and SIPC and part of ING, has accepted responsibility for the distribution of this presentation in the United States under applicable requirements. ING Vysya Bank Ltd is responsible for the distribution of this presentation in India. 17
2015: A rosy outlook. Vlad Muscalu Chief Economist
215: A rosy outlook Vlad Muscalu Chief Economist GDP forecasting a funny rollercoaster Talking about GDP Y = C + I + G + X - M GDP = Private Consumption + Investment + +Government Consumption + Exports
More informationUS Petrochemical Renaissance What it means for Asia Kuala, Lumpur
US Petrochemical Renaissance What it means for Asia Kuala, Lumpur Chuck Venezia SVP, Petrochemicals 20 August 2018 London Houston Moscow Singapore Dubai New York Beijing Kiev Tokyo Astana Shanghai Rio
More informationOPEC oil cuts: To continue or not to continue, that is the question
Economic and Financial Analysis 24 May 2018 Article 24 May 2018 Commodities OPEC oil cuts: To continue or not to continue, that is the question The oil market has rallied on the back of US sanctions on
More informationNGL EXPORTS AND GLOBAL PETROCHEMICAL FEEDSTOCK COMPETITION
NGL EXPORTS AND GLOBAL PETROCHEMICAL FEEDSTOCK COMPETITION Kendall Puig Senior Analyst, NGLs and LPG Platts Analytics, Bentek products Copyright 216 by S&P Global. All rights reserved. BENPOSIUM 216 RESTRICTIONS
More informationUS import tariffs on steel and aluminium: Who stands to lose?
Economic and Financial Analysis 2 March 2018 Article 2 March 2018 Global Economics US import tariffs on steel and aluminium: Who stands to lose? President Trump's clear intentions to slap import tariffs
More informationRussia-China trade in national currencies: the product mix is key
Economic and Financial Analysis 18 October 2018 Article 18 October 2018 Global Economics Russia-China trade in national currencies: the product mix is key The share of RUB and CNY in Russia-China trade
More informationIs there any stopping thermal coal?
Economic and Financial Analysis 7 February 2018 Commodities 7 February 2018 Article Is there any stopping thermal coal? Thermal coal prices have surged higher over recent months, driven by stronger demand
More informationRomania s GDP growth rises to 7% in 2017
Economic and Financial Analysis 7 March 2018 7 March 2018 Snap Romania s GDP growth rises to 7% in 2017 But given that the fourth quarter sequential growth was very weak, we expect 2018 GDP expansion at
More informationCrude oil: What s in store for 2018?
Economic and Financial Analysis 7 November 2017 Global Economics 7 November 2017 Article Crude oil: What s in store for 2018? We have revised our ICE Brent forecast for the next quarter to $57 per barrel,
More informationMEETING WITH INVESTORS MAY 2018
MEETING WITH INVESTORS MAY 2018 DISCLAIMER ON FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements. These forward-looking statements are not solely historical data, but rather
More informationHow Competitive Are PDH Projects Compared To Conventional Sources?
How Competitive Are PDH Projects Compared To Conventional Sources? Global Propylene & Derivatives American Business Conferences Williams NGL & Petchem Services January 29, 2014 Williams Ft. Beeler WV plant
More informationHSBC. Hold results: A first look. Hong Kong. Banks 795p (-8%) Company results 5 HK/HSBA LN
Equity Markets Company results Hong Kong HSBC 2003 results: A first look Paul Sheehan Hong Kong (852) 2848-8580 paul.sheehan@asia.ing.com Maintained Hold 2 March 2004 2/3/04 HK$127.50/867p Target price:
More informationING International Trade Study Developments in global trade: from 1995 to Slovakia
ING International Trade Study Developments in global trade: from 1995 to 2017 Slovakia Executive summary Slovakia is expected to grow on average 3% in the coming years. This is relatively high compared
More informationEarnings Conference Call 1Q17
Earnings Conference Call Investor Relations São Paulo, May 15th, 2017 DISCLAIMER ON FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements. These forward-looking statements are
More informationDave Witte Executive Vice President Business Advisory Services
Issues Facing Chemical Investment in Alaska s Cook Inlet Dave Witte Executive Vice President Business Advisory Services March 31, 2011 Anchorage 10-year Bangkok Resource Extraction Projects Projection
More informationShrinking oil inventories mean higher prices
Economic and Financial Analysis 17 April 2018 Commodities 17 April 2018 Article Shrinking oil inventories mean higher prices ICE Brent broke back above US$70/bbl last week due to geopolitical risks along
More informationING International Trade Study Developments in global trade: from 1995 to Taiwan
ING International Trade Study Developments in global trade: from 1995 to 2017 Taiwan Executive summary Taiwan is expected to grow on average 3.1% in the coming years. This is relatively low compared to
More informationNGL s Markets Beyond Mont Belvieu
NGL s Markets Beyond Mont Belvieu NGEAO - Tulsa May 2012 Anne B. Keller Aerial View of Mont Belvieu, TX Midstream Energy Group, Inc. 2012 All rights reserved Midstream Energy Group Who We Are Midstream
More information29 th WLPGA Forum : Future Market Outlook. Florence, Italy 16 November 2016
29 th WLPGA Forum : Future Market Outlook Florence, Italy 16 November 2016 Forwardlooking Statements This presentation has been produced by BW LPG Limited ( BW LPG ) exclusively for information purposes.
More informationCrude oil: A story of demand
Economic and Financial Analysis Article Crude oil: A story of demand Commodities Growing trade tensions and increasing emerging market risk have weighed on the commodities complex. The Bloomberg Commodities
More informationCountry in the Spotlight - France
Country in the Spotlight - France On a slippery path The French economic recovery remains on track, though it becomes hard to bank on a strong acceleration given that the main recovery drivers were temporary
More informationPLATT S NGL CONFERENCE
ENTERPRISE PRODUCTS PARTNERS L.P. PLATT S NGL CONFERENCE September 30, 2014 Mike Smith GSVP, Regulated Business ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com DISCLAIMER
More information10% Asia week ahead: First test of US protectionism. Economic and Financial Analysis
Economic and Financial Analysis 29 March 2018 Global Economics 29 March 2018 Article Asia week ahead: First test of US protectionism Korea s trade data is the first test of increased US trade protectionism.
More informationMajor Bulk Commodities: Trends and Outlook
Major Bulk Commodities: Trends and Outlook June 19, 2013 Christopher LaFemina European Metals and Mining Equity Research US: 212 336 7304 UK: +44 (0)207 029 8131 clafemina@jefferies.com Jefferies LLC Seaborne
More information2,881. Metals mettle. Economic and Financial Analysis
Article 25 July 2017 Metals mettle Economic and Financial Analysis Commodities Strength in copper and nickel has pushed the LME metals index to a three month high. Are aluminium cuts coming? Contents Aluminium
More informationTaiwan: GDP riding global growth trend but prone to trade threat
Economic and Financial Analysis 29 January 2018 Global Economics 29 January 2018 Article Taiwan: GDP riding global growth trend but prone to trade threat The narrowly-focused economy is prone to trade
More informationCredit Suisse Conference
Credit Suisse Conference Greg C. Garland Chairman and CEO February 13, 2018 NYSE: PSX www.phillips66.com Lake Charles Refinery Cautionary Statement This presentation contains certain forward-looking statements.
More informationBelgium: Just not fast enough
Economic and Financial Analysis 17 May 2018 Article 17 May 2018 Belgium: Just not fast enough Global Economics For Belgium, 2017 was another recovery year which is definitively satisfactory but things
More informationFY 2017 Operational and Financial Results. 28 February 2018
FY 2017 Operational and Financial Results 28 February 2018 DISCLAIMER The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation.
More informationPetrochemical Outlook
Petrochemical Outlook May 25, 2017 www.stratasadvisors.com UPSTREAM MIDSTREAM DOWNSTREAM FUEL & TRANSPORT Main Themes Macro Context Petrochemical Demand Feedstock Availability Projected Investments Key
More informationPlatts NGLs Conference. Bill Lawson Williams Director of Corporate Development & Project Execution Sept. 24, 2013
Platts NGLs Conference Bill Lawson Williams Director of Corporate Development & Project Execution Sept. 24, 2013 Forward-looking statements The reports, filings, and other public announcements of The Williams
More informationTrade in 2018: Nowhere close to its heyday
Economic and Financial Analysis 5 December 2017 Article 5 December 2017 Trade in 2018: Nowhere close to its heyday Trade Trade in 2018 will pick up speed but rebalancing of the Chinese economy and global
More informationSwedish krona: A forecast revision
Economic and Financial Analysis 8 May 2018 FX 8 May 2018 Article Swedish krona: A forecast revision We expect the battered Swedish krona to remain under pressure as global trade tensions, domestic politics
More informationEthylene Producer Visions For Managing Expanded Capacity
Ethylene Producer Visions For Managing Expanded Capacity Williams NGL & Petchem Services October 29, 2013 Forward-looking statements The reports, filings, and other public announcements of The Williams
More informationState of the Chemical and Petrochemical Industry Is India the next driver?
State of the Chemical and Petrochemical Industry Is India the next driver? Presentation to IOC Conclave 29 July 217 Dave Witte Senior Vice President, IHS Markit GM - Oil Markets, Midstream, Downstream
More informationForward-looking Statements
Forward-looking Statements This presentation has been produced by BW LPG Limited ( BW LPG ) exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in
More informationRefining & Marketing Asia
Refining & Marketing Asia 2017 Outlook - Demand Growth in China, India Supports Stable Outlook Despite Supply Glut Laura Acres Managing Director +65.6398.8335 laura.acres@moodys.com Rachel Chua Analyst
More informationWild Ride What s Driving NGL Prices and Differentials?
A RBN Energy Drill Down Report Copyright 2018 RBN Energy Wild Ride What s Driving NGL Prices and Differentials? Part 1: Rising Y-Grade Production and Tight Mont Belvieu Frac Capacity U.S. natural gas liquids
More informationArgus Butadiene Annual 2017
Argus Butadiene Annual 2017 Market Reporting Petrochemicals Consulting Events Argus Butadiene Annual 2017 Summary Three major developments have shaped the global butadiene (BD) markets over the past decade.
More informationForward-looking Statements
Forward-looking Statements This presentation has been produced by BW LPG Limited ( BW LPG ) exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in
More informationImpact of Lower Energy Prices on US Chemicals Bob Patel. CEO LyondellBasell
Impact of Lower Energy Prices on US Chemicals Bob Patel CEO LyondellBasell Forward Looking Statements The statements in this presentation relating to matters that are not historical facts are forward-looking
More informationSaudi Arabian Petrochemicals 2015 Sector Update
Saudi Arabian Petrochemicals December 18, 2014 Look Beyond 2015 Our core premise for the petrochemical sector is that investors should look beyond 2015. Next year will be bad as the full impact of lower
More informationHungary: Consumption drives GDP growth
Economic and Financial Analysis 5 June 2018 Article 5 June 2018 Hungary: Consumption drives GDP growth Global Economics The economy started 2018 exactly where it left it last year but the growth structure
More informationSouth Korea: new growth model emerging?
ING Business Opportunity Report Economics Department South Korea: new growth model emerging? Summary conclusions The growth outlook for Korea in the short to medium term is positive. ING forecasts economic
More informationCompany Strategies and Performance. LyondellBasell Braskem deal Creation of the world s largest PP producer
ompany Strategies and Performance deal reation of the world s largest PP producer After spending much of the past decade focused internally on improving reliability and its cost position, is now looking
More informationRomania: Wage growth slows
Economic and Financial Analysis 13 March 2018 Snap 13 March 2018 Romania: Wage growth slows Global Economics Romanian wages grew 8.8% year-on-year in January, the first single-digit growth rate since October
More informationFederal Reserve preview: A glass half full
Economic and Financial Analysis Global Economics Article Federal Reserve preview: A glass half full After December s rate hike, the Federal Reserve indicated it would slow the pace of interest rate rises
More informationLyondellBasell Industries NV
March 12, 2015 LyondellBasell Industries NV Current Recommendation Prior Recommendation Underperform Date of Last Change 11/09/2011 Current Price (03/11/15) $85.11 Target Price $89.00 NEUTRAL (LYB-NYSE)
More informationPolish GDP grows by 5.1%YoY in the fourth quarter; we remain upbeat
Economic and Financial Analysis Snap Polish GDP grows by 5.1%YoY in the fourth quarter; we remain upbeat Global Economics Finally, investment in Poland recovers to make a higher contribution (2.8pp) than
More informationQ Operational and Financial Results. 15 May 2018
Q1 2018 Operational and Financial Results 15 May 2018 DISCLAIMER The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation.
More informationVietnam. ING Country Trade View Trends in global trade
Vietnam ING Country Trade View Trends in global trade 12 June 2014 Summary Vietnam's GDP is expected to grow at a rate below that of regional and global powerhouse China, but at a still respectable rate
More informationLOUISIANA ENERGY CONFERENCE MIDSTREAM PANEL
ENTERPRISE PRODUCTS PARTNERS L.P. LOUISIANA ENERGY CONFERENCE MIDSTREAM PANEL May 31, 2018 Randy Burkhalter Vice President, Investor Relations ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
More informationOVER FOUR DECADES EXPERIENCE IN OIL, GAS & PETROCHEMICAL INDUSTRIES
We Have Engineered and Managed: (IN ASSALUYEH) Petrochemical Complexes 5,821,000 TPA of Olefins Plants 900,000 TPA of Poly-Olefins (PE & PP) Plants 400,000 TPA of Polymers 1,400,000 TPA of other Petrochemical
More informationCommodities Research What if Iran s oil returns to the market?
Investment Research General Market Conditions 2 November 213 Commodities Research What if Iran s oil returns to the market? Momentum seems to be growing in talks over Iran s nuclear programme as negotiations
More information-0.4% Japan 3Q18 GDP - blame it on the weather. Economic and Financial Analysis
Economic and Financial Analysis Article Japan 3Q18 GDP - blame it on the weather Global Economics Since we put together our 3Q18 GDP forecasts some weeks ago, it has become apparent that the outcome will
More informationCopper: What s it going to take to flip the curve?
Economic and Financial Analysis Commodities Article Copper: What s it going to take to flip the curve? The street has turned increasingly bullish on copper for 2018. We see the rationale but need to yet
More informationGlobal Resources Fund (PSPFX)
Global Resources Fund (PSPFX) Global Resources are the building blocks of the world we live in. As the world s population grows and emerging regions develop a more vibrant infrastructure for commerce,
More informationAsia Refining Outlook. Vikas Halan / Moody s Investors Service
Asia Refining - 2016 Outlook Vikas Halan / Moody s Investors Service Refining & Marketing Asia Healthy Margins, but Exports from China Remain a Key Risk VIKAS HALAN, VICE PRESIDENT SENIOR CREDIT OFFICER,
More informationPetro-currencies lose their mojo
Economic and Financial Analysis 7 November 2017 FX 7 November 2017 Article Petro-currencies lose their mojo Despite Brent crude pushing to nearly US$65/barrel, G10 oil exporting currencies have yet to
More informationAluminium: Stakes are high for Section 232
Economic and Financial Analysis 19 February 2018 Article 19 February 2018 Aluminium: Stakes are high for Section 232 Commodities The US Commerce Department has recommended sweeping trade tariffs for US
More informationDutch Economy Chart Book
Dutch Economy Chart Book Part 1: production, profits and investment of non-financial sector ING Economics Department Amsterdam July 217 Non-financial businesses In 216, almost all major market sectors
More informationH Operational and Financial Results. 7 August 2018
H1 2018 Operational and Financial Results 7 August 2018 DISCLAIMER The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation.
More informationBRASKEM S.A. Corporate Taxpayer ID (CNPJ): / Company Registry (NIRE): Publicly Held Company MATERIAL FACT
BRASKEM S.A. Corporate Taxpayer ID (CNPJ): 42.150.391/0001-70 Company Registry (NIRE): 29.300.006.939 Publicly Held Company MATERIAL FACT Braskem S.A. ("Braskem or the Company"), in compliance with the
More information$57.2bn. Why the US trade deficit is heading the wrong way. Economic and Financial Analysis
Economic and Financial Analysis 6 April 2018 Global Economics 6 April 2018 Article Why the US trade deficit is heading the wrong way Macroeconomic policy, not just trade barriers, affects the trade deficit.
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationBank of America Global Agriculture and Chemicals Conference
Bank of America Global Agriculture and Chemicals Conference Sergey Vasnetsov SVP, Strategic Planning & Transactions March 2, 2016 Cautionary Statement The statements in this presentation relating to matters
More informationMorgan Stanley Marcellus-Utica Conference
Morgan Stanley Marcellus-Utica Conference September 19, 2012 www.enterpriseproducts.com All rights reserved. Enterprise Products Partners L.P. Randy Fowler EVP & CFO Forward Looking Statements This presentation
More informationMeeting with Investors. IR Braskem November 2016
Meeting with Investors IR Braskem November 2016 1 Disclaimer on forward-looking statements This presentation includes forward-looking statements. These forward-looking statements are not solely historical
More informationSwiss Quarterly: On the right track
Economic and Financial Analysis 10 July 2018 Global Economics 10 July 2018 Article Swiss Quarterly: On the right track Even though Switzerland s real GDP growth lost some momentum, the outlook is positive
More informationNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
News Release NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Inter Pipeline Announces $1.35 Billion Acquisition of Canadian NGL Midstream Business CALGARY, ALBERTA,
More informationAccessing the North American Energy Value Chain. Investing in essential assets
Accessing the North American Energy Value Chain Investing in essential assets Advancements in technology create opportunities North America is in the midst of a significant energy transformation Technology
More informationDORIAN LPG November 2016
DORIAN LPG November 2016 Disclaimer Forward-Looking Statements This Presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company
More informationA Billion to Gain? Microfinance clients are not cut from the same cloth
A Billion to Gain? Microfinance clients are not cut from the same cloth Introduction Exploring differences in microfinance impact Problems with the impact for an average client and the need for heterogeneous
More informationEarnings Conference Call 4Q15
Earnings Conference Call 4Q15 Investor Relations São Paulo, February 19, 2016 Disclaimer on forward-looking statements This presentation includes forward-looking statements. These forward-looking statements
More informationSwiss Economy 2018 outlook
Economic and Financial Analysis 15 December 2017 Article 15 December 2017 Swiss Economy 2018 outlook Global Economics The Swiss National Bank will have to wait until late 2019 before the current activity
More informationCIS DOWNSTREAM SUMMIT 20 Th Annual
1 CIS DOWNSTREAM SUMMIT 20 Th Annual H.Alimorad Investment Director / National Petrochemical Company (NPC) Board Member of Persian Gulf Petrochemical Industries Company (PGPIC) 2 Iran 2 nd largest economy
More informationKey events in developed markets next week
Economic and Financial Analysis Global Economics Article Key events in developed markets next week German's Ifo survey should provide some insight into whether the dismal third quarter was an aberration
More informationGood MornING Asia - 1 March 2018
Economic and Financial Analysis Bundle Good MornING Asia - Global Economics Ignore China's weak PMI data; supply-side reforms support prospects of steady manufacturing and GDP growth in 2018. India's GDP
More informationAn Emerging Appalachian Energy Hub: The Prize, the Progress, the Perils
An Emerging Appalachian Energy Hub: The Prize, the Progress, the Perils DUG MUM Conference, Pittsburgh, PA Wednesday 01/31/2018 Greg Haas, Director of Integrated Energy, Stratas Advisors ghaas@stratasadvisors.com
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationArgentina oil & gas. Unleashing its potential. Shale development phases
Economic & Financial Analysis Commodities 7 August 2018 Energy Argentina oil & gas Unleashing its potential The oil and gas sector in Argentina is moving in the right direction, with the liberalisation
More informationJefferies Industrial Conference
Jefferies Industrial Conference Dan Coombs EVP, Global Olefins & Polyolefins and Technology August 10, 2016 Cautionary Statement The statements in this presentation relating to matters that are not historical
More informationCondensed Consolidated Interim Financial Statements as at September 30, 2018
Condensed Consolidated Interim Financial Statements as at 30, 2018 (Unaudited) Contents Chapter A: Directors Report on the State of the Company s Affairs A-1 Description of the Business of the Company
More information3.9% Good MornING Asia - 6 April Asia week ahead: Trade war threats weighs on central banks
Economic and Financial Analysis Bundle Good MornING Asia - Global Economics The fear of a global trade war weighs on Asian central bank policy tightening. We expect Singapore and Korea to keep policies
More informationThird Quarter 2018 Earnings
Third Quarter 2018 Earnings October 30, 2018 Cautionary Statement and Information Related to Financial Measures Cautionary Statement The statements in this presentation relating to matters that are not
More informationMeeting with Investors. IR Braskem July 2016
Meeting with Investors IR Braskem July 2016 1 Disclaimer on forward-looking statements This presentation includes forward-looking statements. These forward-looking statements are not solely historical
More informationDutch Economy Chart Book
Dutch Economy Chart Book Part 2: consumers ING Economics Department Amsterdam August 217 Consumers Spending power has risen strongly in the past two years, helped by more jobs, higher wages, near-zero
More informationWhat lies beneath Asian currencies pain?
Economic and Financial Analysis Article What lies beneath Asian currencies pain? Global Economics The China-US trade spat, higher oil prices, a hawkish Fed and an appreciating dollar have had almost all
More informationEarnings Release 2Q17
HIGHLIGHTS: Braskem Consolidated: EBITDA reaches R$6.6 billion in first six months Net income in year to date was R$3 billion Braskem s consolidated EBITDA in 2Q17 was US$945 million, advancing 10% on
More informationShenhua Reuters: 1088.HK, Bloomberg: 1088 HK; YCM Reuters: 1171.HK, Bloomberg: 1171 HK
20 December 20 China Coal Market Decelerating production growth Firm spot coal prices expected in 2006: China s coal production in November only grew by 3.1% Y/Y, highlighting the production disruption
More informationU.S. Ethane Ready for Liftoff: But, Will It Be Sustainable and Why?
U.S. Ethane Ready for Liftoff: But, Will It Be Sustainable and Why? Presented to: Platts 7 th Annual NGLs Conference October 31, 217 Peter Fasullo Principal En*Vantage, Inc. pfasullo@envantageinc.com www.envantageinc.com
More informationCondensed Consolidated Interim Financial Statements as of September 30, 2017
Bazan Ltd. Condensed Consolidated Interim Financial Statements as of September 30, 2017 (Unaudited) A-1 Bazan Ltd. Contents Chapter A: Directors Report on the State of the Company s Affairs A-1 Page Description
More informationTHE US: GROWING GLOBAL SIGNIFICANCE
ENTERPRISE PRODUCTS PARTNERS L.P. THE US: GROWING GLOBAL SIGNIFICANCE March 8, 217 Joseph Fasullo Manager, International NGLs ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
More informationvital products with care
Storing vital products with care Americas - Dynamic markets with opportunities Boudewijn Siemons Division President Vopak Americas Bahia Las Minas - Panama Forward-looking statement This presentation contains
More informationDeutsche Bank Global Industrials and Materials Summit
Deutsche Bank Global Industrials and Materials Summit Doug Pike VP, Investor Relations June 9, 2016 Cautionary Statement The statements in this presentation relating to matters that are not historical
More informationROYAL DUTCH SHELL PLC
ROYAL DUTCH SHELL PLC UNAUDITED FINANCIAL STATEMENTS AND OPERATING INFORMATION Index: (Click on the link below for desired data) Consolidated Statement of Income Earnings and Dividends per Share and per
More informationWilliams Energy Canada
Williams Energy Canada Opportunities in Alberta David Chappell President, Williams Energy Canada 2012 The Williams Companies, Inc. All rights reserved. Williams > Energy infrastructure company focused
More informationWestern Canada NGLs:
Western Canada NGLs: Looking for a Place to Call Home NGL Forum San Antonio, TX December 9, 2014 Tim Stauft President & CEO Slide 1 Aux Sable Vision To be a market leader in the midstream gas processing
More informationIndian Banks: A fundamental overview
Economic and Financial Analysis 25 June 2018 Global Economics 25 June 2018 Article Indian Banks: A fundamental overview In India, public sector banks have been harder hit than their private counterparts.
More informationJefferies Industrials Conference
S E I Z E T H E M O M E N T S E C U R I N G T H E F U T U R E Jefferies Industrials Conference Doug Pike VP Investor Relations Cautionary Statement The information in this presentation includes forward-looking
More information