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1. Foreign companies such as Basf and Saudi Aramco have stepped up investment in China.
In 2019, a number of large multinational enterprises continued to invest heavily in China. On January 10, Basf signed a framework agreement with Guangdong Province to promote the Zhanjiang project. On November 23, Basf new integrated production base project was officially launched in Zhanjiang, Guangdong province. On February 22, Saudi Aramco signed petrochemical investment agreements with a number of Chinese companies during the Saudi Crown Prince's visit to China. China has continued to be a promising place for multinational companies to invest and operate in the economic downturn in 2019.
2. Plastic pollution problem continues to ferment, and The Alliance to End Plastic was established.
On January 16, about 30 companies in the chemical, plastics and consumer products industries, including Basf, Dow and Covestro, announced a joint alliance to establish The Alliance to End Plastic to tackle the plastics pollution problem. The alliance aims to minimize the impact of plastic waste on the natural environment, such as the ocean, and promote solutions for a variety of post-consumer plastics.
3. Dow & Du Pont completed the separation.
Dow & Du Pont completed the separation of new Dow and new Du pont as planned on April 1st. In June, Dow & Du Pont completed the separation of Corteva. After the separation, the two companies began trading on June 3rd. Corteva, Du Pont and Dow are engaged in agriculture, special products and chemical materials, respectively.
4. Trade frictions between Japan and South Korea turn chemicals into weapons.
On July 1st, the Japanese government announced that it would tighten controls on exports of raw materials for three semiconductor industries to South Korea, raising the prospect of trade frictions between the two countries. Later, Japan and South Korea downgraded each other's trade priorities and led to a shift in the supply-sales pattern of high-end semiconductor chemicals in East Asia.
5. The global economy is cooling, and earnings of chemical companies are generally depressed.
Multinational companies' profits have been squeezed by global trade frictions, slowing economic growth in developing countries, sluggish auto industry, new production capacity, etc. In July and August, in particular, Basf, Costron, Dow, Du Pont and other companies reported lower second-quarter results, and their full-year profit forecasts have been revised downward.
6. An attack on facilities of Saudi Aramco has rocked the international oil market.
On September 14, two oil facilities owned by Saudi Aramco, the Bughag refinery and the Houreis field, were hit by drone strikes triggering fires and briefly disrupting the production of 5.7m b/d, accounting for half of the country's output. The Houthis in Yemen later claimed responsibility. The next day, the United States and Israel pointed to Iran, further heightening geopolitical tensions and sending international oil prices up a brief 17%.
7. The United States became a net oil exporter for the first time in 70 years.
On Nov., 29, The United States exported more crude oil and petroleum products than the volume they imported in September, becoming a net monthly oil exporter for the first time in 70 years, according to data released by the U.S. Energy Information Administration. Over the past decade, the rise of shale oil in the United States has doubled oil production, resulting in a dramatic increase in U.S. production and exports.
8. Saudi Aramco listed officially, bacoming the biggest company in history.
On Dec., 11, Saudi Aramco officially began trading on the Saudi domestic exchange following a year-long public offering. Saudi Aramco's share price then rose for a second straight day, making it the world's most valuable company with a market capitalisation of more than $2 trillion.
9. China and The United States reached agreement on the text of the first phase of the economic and trade agreement.
On Dec., 13, China announced that through the joint efforts of Sino-US bilateral trade and economic team, the two sides, on the basis of the principle of equality and mutual respect, have reached consensus on the first stage of China and The United States economic agreements text. This agreement is good for the two countries and the world, and will have a positive effect on the international chemical market.
10. Gas projects of Russian and European were sanctioned by The United States, heated up the "gas dispute" between The United States, Russia and Europe.
US President Donald Trump signed the 2020 Defense Nudget Act on Dec., 20, which imposeD sanctions on Russia's Nord Stream 2 and Turkish-stream gas pipelines to Europe and required the companies responsible for the pipeline to stop construction immediately. Later, the ongoing Nord Stream 2 project was put on hold, and the Russian and German governments also lodged solemn protests against the US.