The chemical industry and other sectors must reduce their dependence on fossil fuel raw materials in general and Russian gas in particular, but an immediate embargo on Russian gas “could result in the collapse of entire production and supply chains,” according to Markus Steilemann, CEO of Covestro (Leverkusen, Germany).
“The desire behind the calls for an immediate halt to imports [of Russian gas] is understandable,” Steilemann says in prepared speech remarks posted on the company’s website ahead of its annual general meeting on 21 April. However, such an embargo would be short-sighted, he says.
“We must acknowledge that Germany’s gas supply cannot be restructured overnight. An immediate gas embargo would affect industries besides the chemical industry. It is also true of all downstream sectors. This could result in the collapse of entire production and supply chains and would endanger hundreds of thousands of jobs,” he says.
Steilemann, who is president-elect at VCI, Germany’s chemical industry association, says the war in Ukraine following Russia’s invasion “poses challenges for our communities as well as our company. No one knows what the long-term consequences will be. Or the consequences for the energy supply.” Overcoming the industry’s dependence on fossil raw materials is a “huge challenge,” he says. The war “clearly indicates that we must work together on new technologies. This is the only way we can end this dependence forever,” he adds.
by Mark Thomas
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.