The future of the European chemicals sector is in the headlines, as fears arise about a combination of dynamics that leave the region in an uncompetitive position.
The situation was put in the spotlight recently when INEOS Chairman Jim Ratcliffe authored an open letter of concern to the President of the European Commission, José Manuel Barroso. INEOS is one of the world’s largest chemical companies, with over 50 manufacturing plants across 11 countries.
It also follows a recent report from GlobalData describing a number of factors that are forcing European refineries to be ‘squeezed’ out of their local and export markets.
In his open letter to the European Commission, Ratcliffe observed, “I wish to express my deepest concerns about the future of the European chemical industry. Sadly, I predict that much of it will face closure within the next 10 years…”
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