The energy industry's bet that a petrochemicals boom would support decades of oil and gas sales growth is on shaky ground as an already saturated ...
A vendor wearing gloves delivers a plastic bag at an open-air food market that has been reopened, during the coronavirus disease outbreak in Cisternino, Italy, Apr 27, 2020. SINGAPORE: The energy industry's bet that a petrochemicals boom would support decades of oil and gas sales growth is on shaky ground as an already saturated plastic market is hit by a coronavirus demand shock.
"The petrochemicals world has been hit by a double whammy," said Utpal Sheth, Executive Director, Chemical and Plastics Insights at data firm IHS Markit. A massive Pennsylvania plastics project, owned by Shell, that President Donald Trump touted during a visit last year faces risks of oversupply and a low price outlook, an energy industry report said on Thursday.
Chinese firms are reviving a US$20 billion project in eastern Shandong province to help support a flagging economy, Reuters exclusively reported this week. The US Plastic Industry Association wrote a letter in March to the US Department of Health calling for a reversal of plastic bag bans, arguing that single-use plastic was the safest way to transport and package food.
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