Crisis after crisis

It has been yet another difficult 12 months for the petrochemicals industry. Just as one crisis is over and recovery looks possible, another one or even two crises come along. The industry has seen its markets unsettled by two factors. First, the run up and execution of the Iraq war created great vo...

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Bibliographic Details
Published in:ACN: Asian Chemical News 2003-09, p.7
Main Author: Willems, Rein
Format: Article
Language:English
Subjects:
Economic conditions
Economic crisis
Economic forecasts
Economic growth
Economic indicators
Industrywide conditions
Petrochemicals industry
Severe acute respiratory syndrome
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Summary:It has been yet another difficult 12 months for the petrochemicals industry. Just as one crisis is over and recovery looks possible, another one or even two crises come along. The industry has seen its markets unsettled by two factors. First, the run up and execution of the Iraq war created great volatility in oil and raw material pricing. Then the outbreak of severe acute respiratory syndrome in Asia had a negative impact on economic growth in the region. Over the same period, economic growth in Europe has slowed further, depressed especially by the German economy's weakness. The US has seen its expected pick-up delayed, with any advantage for petrochemical players from the dollar's decline in value against the euro offset by higher-than-normal gas and feedstock costs.
ISSN:1356-5389