Brexit uncertainties could force companies to look outside Europe for future investments, the CEO of US chemical major Huntsman said on Thursday.
Peter Huntsman said that the impact of the UK’s departure from the 28-country EU might not be felt for five years.
The CEO added that Huntsman has options to invest at its sites in Geismar, in the US state of Louisiana, and Caojing, China, rather than in the UK or in the EU.
Sanctioning investment in European facilities becomes more difficult as uncertainties about the future UK-EU trade relationship and the regulatory environment persist, he suggested.
Speaking at a Brexit conference organised by the UK chemical trade group Chemical Industries Association (CIA), Huntsman said that Brexit opportunities would take time to surface.
Huntsman added that there are more opportunities for the chemical industry today than at any time in the past, driven by innovation and trade.
“Let’s not get too lost in the weeds,” he said.
Earlier on Thursday, the CIA president, INEOS’ executive Tom Crotty, said that more certainty on the Brexit negotiations and a fixed transition period were key requirements for the chemical industry as the UK exits the EU.
“Regulatory consistency is absolutely crucial [post-Brexit and] we must have access to the best people,” said Crotty, referring to the UK’s current membership of the EU-wide chemical regulation Reach and the ability for the industry to employ any resident across the bloc.
By Nigel Davis
Source: ICIS News
OMV AG and the European Climate, Infrastructure and Environment Executive Agency (CINEA) have signed a grant agreement for OMV’s planned industrial ReOil plant, securing up to €81.6 million funding. This marks the first time that OMV receives a grant from the EU Innovation Fund.
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As many know, we are building our first plastic film recycling facility in Connersville, Indiana. We expect our first line to be operational in the coming weeks. Want to know why I think mechanical recycling is the best technology for polyethylene film? Here are five reasons mechanical recycling is a great choice.
