Market News

Recent Developments:

In May 2021, Chevron Phillips Chemical unveiled plans to enhance its alpha olefins business by constructing a second world-scale unit exclusively focused on manufacturing 1-hexene. The new unit is projected to have a capacity of 266 kilotons per annum (KTA) and is expected to commence operations in 2023. The facility will be located in Old Ocean, Texas, adjacent to Chevron Phillips Chemical's existing Sweeny facility.
Chevron Phillips Chemical (CPChem) is a petrochemical company jointly owned by Chevron Corporation and Phillips 66. The company was formed in 2000 by merging the chemicals operations of both Chevron Corporation and Phillips Petroleum Company. It is headquartered in The Woodlands, Texas, and is a major producer of ethylene, propylene, polyethylene, Alpha-olefins, Polyalphaolefins, aromatic compounds, and a range of specialty chemicals. CPChem has 31 manufacturing and research facilities in six countries, including the United States, Belgium, China, Colombia, Qatar, Saudi Arabia, and Singapore. The company has a strong focus on sustainability and corporate social responsibility (CSR) initiatives, including reducing emissions, improving energy efficiency, and supporting local communities.
In December 2021, Sumitomo Chemical decided to build new research facilities in Chiba and Osaka, and reorganize research laboratories in Osaka, Tsukuba, and Chiba, to accelerate the creation of next generation businesses.
Sumitomo Chemical Co., Ltd. is a major Japanese chemical company with a global presence. The company is listed on the first section of the Tokyo Stock Exchange and is a constituent of the Nikkei 225 stock index. Sumitomo Chemical operates in diverse business categories, including petrochemicals, alumina products, organic chemicals, IT-related chemicals, agrochemicals, and pharmaceuticals. The company has a strong focus on sustainability and corporate social responsibility, as evidenced by its involvement in initiatives to address plastic waste and its commitment to sustainable agriculture and energy conservation.
In January 2021, Indian Oil Corporation Ltd announced plans for more than 400 US$ thousand expansion project at its Chennai refinery. The refinery produced highest quantity of food grade hexane in 2020-21.
Indian Oil Corporation Limited (IOCL or IOC) is a public sector undertaking and India's flagship national oil company in the downstream petroleum sector. It is headquartered in New Delhi and has been fuelling the energy demands of India for over five decades. The company has a refining capacity of 80.7 million metric tonnes per annum (MMTPA) and operates 11 refineries in India. Indian Oil produces a range of petroleum products, including petrol, diesel, LPG, aviation turbine fuel, lubricants, and more. The company also has a significant presence in the natural gas and petrochemicals sectors.

Acquisitions and partnerships :

In February 2021, GFS Chemicals, Inc. announced its new partnership with Hanna Instruments USA, Inc. With this approach, GFS expanded its customer base by product offerings that include Karl Fischer titration solutions and other specialty solvents and reagents for applications like peroxide value, acid number, and more.

GFS Chemicals, Inc., formerly known as G. Frederick Smith Chemical Company, is a privately owned fine and specialty chemical company with headquarters in Powell, Ohio and manufacturing facilities in Columbus, Ohio. It was founded by G. Frederick Smith in Urbana, Illinois in 1924, and moved to Columbus, Ohio in 1928. GFS Chemicals currently serves over seventy countries and a variety of industries, including: Alternative energy, energy storage, pharmaceuticals, biotechnology, electronics, etching, and more. The company offers a wide range of fine and specialty chemicals, including analytical reagents, organic chemicals, and inorganic chemicals. GFS Chemicals is known for its expertise in the manufacture of perchloric acid, alkyne building blocks, and Karl Fischer reagents.