• Episode 1251: EPCA, Covestro ADNOC deal puts Europe petrochemicals in the spotlight

  • Oct 1 2024
  • Length: 23 mins
  • Podcast

Episode 1251: EPCA, Covestro ADNOC deal puts Europe petrochemicals in the spotlight

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  • Summary

  • ADNOC’s agreement to buy Covestro ahead of next week’s European Petrochemical Association (EPCA) annual meeting highlights the challenges and opportunities facing Europe’s beleaguered chemical industry.

    - Abu Dhabi National Oil Co (ADNOC) to acquire Covestro for equity value of €11.7 billion

    - ADNOC diversifies downstream from oil and gas

    - Covestro global leader in polycarbonate (PC) and polyurethenes (PU)

    - PC and PU struggles with poor demand from automotive, construction

    - Covestro operating profit slumped from around Euros3bn in 2021 to near euros 1bn in 2023

    - Covestro boasts strong sustainability-related product portfolio

    - More M&A likely in Europe petrochemicals thanks to cheap bottom of cycle valuations

    - Oil prices may collapse to $30/bbl if OPEC goes for market share

    Connect with ICIS at EPCA 2024 in Berlin. ICIS will host a presentation at 2pm on Wednesday 9 October at Potsdam I, InterContinental Hotel.

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Economics
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