MEG prices

 MEG prices in the US fell by about 4% in late May due to oversupply and disruptions, compounded by adverse weather and hurricanes impacting the oil and petrochemical markets.


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Ballestra and Petrojet Awarded Major NCIC3 Project in Egypt

El Nasr Company for Intermediate Chemicals (NCIC) has chosen Ballestra and its long-term partner Petrojet for the construction of new sulphuric acid and phosphoric acid plants as part of the NCIC3 project in Ain Sokhna, Egypt. The Ballestra-Petrojet consortium secured an EPC contract to deliver two sulphuric acid production lines using MECS Elessent technology and two merchant-grade phosphoric acid lines based on Prayon technology. Paolo Iengo, Managing Director of Ballestra, stated: “Our goal is to build long-term trust with our clients and grow together. This portion of the NCIC3 project, featuring two new sulphuric acid lines and two phosphoric acid lines, marks our twelfth collaboration with NCIC, highlighting our role in Egypt’s industrial expansion. I would like to extend my gratitude to our partner Petrojet and congratulate Wuhan Engineering on being awarded the balance of the NCIC3 project.”
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European Benzene Prices Decline Amidst Upstream Cost Pressures and Weather Disruptions

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Hamburg (Germany) - Benzene prices in Europe have sharply dropped due to declining aromatic naphtha costs, the key raw material for Benzene production. Factors influencing naphtha prices include global geopolitical tensions and abundant local stockpiles, impacting Benzene production costs across Europe. Analysts note a potential weekly downturn following interpretations of the recent OPEC+ meeting signaling increased supply, which bears negatively on prices. OPEC+, comprising OPEC and allied nations including Russia, has extended most production cuts into 2025 while gradually easing voluntary cuts by eight members. Benzene prices in the German market were observed at USD 1185 per MT, FOB Hamburg, in early June 2024. Concurrently, the Drag Reduction Agent (DRA) market is witnessing rapid expansion due to heightened adoption in the petrochemical sector. These agents, crucial for pipeline operations, reduce turbulence and enhance capacity via laminar flow. A significant decline in Benzene...
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