This week on petrochemicals
1. Saudi Arabia plans to allocate only 25% of its $1 trillion strategic investment fund to the oil sector, which is less than previously anticipated. The Kingdom is shifting its focus toward heavy investments in non-oil industries to diversify its economy. However, the country faces a yearly funding shortfall of around $25 billion to meet its ambitious capital expenditure plans, necessitating alternative financing solutions.
?2. With the rising water level in the freshwater lake that supplies the Panama Canal's locks, the Panama Canal Authority (PCA) has increased the maximum allowable draft and will add an extra transit slot starting September 1. This addition will bring the total number of transits nearly back to the levels seen before the PCA had to restrict canal passage.
3. Infinium, a leader in eFuels, has partnered with Borealis to facilitate the production of low-carbon-footprint plastics made from waste carbon dioxide (CO2) emissions that would otherwise be released into the atmosphere. These polyolefins are widely used in the manufacturing of consumer products.
4. India's Chemplast Sanmar has announced a significant investment of Rs 1.6 billion ($19 million) to expand and upgrade its current manufacturing facilities and enhance the technological capabilities of its key production sites. This strategic investment is aimed at strengthening the company's position in the specialized chemicals market and meeting the growing demand from various industrial sectors.
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