Petrochemical producers in Europe and Asia are in survival mode as years of capacity build-up in top market China and high energy costs in Europe have depressed margins for three consecutive years. Formosa Petrochemical has operated only one of its three naphtha crackers for a year. The company has kept the other two crackers offline due to poor demand and unhealthy margins, spokesperson KY Lin said. A company official said that the company is not looking to make any new investments in the near term due to challenging market conditions.
Read the full article on reuters.com: Global petrochemical firms shape up in oversupply crisis
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