Market Flash

CNOOC has discovered a super-large oil field in the deep and ultra-deep water areas of the South China Sea.

• CNOOC
• South China Sea

Reliance Industries, the world's largest refinery operator, will stop importing oil from Venezuela following the U.S. announcement of a 25% tariff on countries purchasing Venezuelan crude.

In a surprising move, NOVA Chemicals has officially scrapped its plans to build a chemical recycling plant in Sarnia, Ontario.

On March 28, Arkema celebrated the 20th anniversary of its organic peroxide plant in Changshu, China, marking a significant milestone with the launch of new production capacities.

Swiss retail giant Migros has completed the sale of Mibelle, its subsidiary specializing in the development of active ingredients for the personal care and beauty, home care, nutrition, and cosmetics and nutraceutical industries.

• Migros
• Mibelle
• Persán

On March 25, Shell announced a significant restructuring of its global chemical operations, seeking strategic partners for its chemical portfolio in the United States and potentially closing some or all of its chemical operations in Europe.

As of the week ending March 28, 2025, global corn prices have experienced a significant decline, primarily driven by expectations of increased corn planting in the U.S. this year.

Developed by Corteva Agriscience, this corn variety incorporates the IPD072Aa gene from Pseudomonas fluorescens, the PAT gene from Streptomyces viridochromogenes, and the PMI gene from Escherichia coli.

According to a Reuters report on March 28, the Argentine government has revealed that soybean sales for the 2024-2025 season have reached only 8.4 million tons as of March 19.

A recent study published in JAMA Ophthalmology has revealed alarming findings regarding Ozempic, a popular diabetes medication.

India is considering removing import taxes on U.S. liquefied natural gas to boost imports and reduce its trade surplus with the U.S.

• India
• U.S.
• LNG

Vynova Alkoxides GmbH is starting construction of a new alkoxide plant at Chemiepark Lülsdorf GmbH in Lülsdorf, Germany. An external engineering company has been contracted to complete the basic design by summer.

• Vynova Alkoxides
• alkoxide

Canadian company Knowlton Development Corporation Inc. (kdc/one) has partnered with Indian manufacturer Clarion Group to form a joint venture to meet the growing demand for beauty brands in India.

• KDC/One
• Clarion Group

In a historic move, China, Japan, and South Korea have reignited discussions after 23 years, signaling a pivotal moment for economic cooperation in East Asia.

In a surprising turn of events, Li Ka-Shing's planned sale of two strategic ports in Panama has been abruptly halted.

On March 30, the Shanghai Stock Exchange announced the termination of the review process for Hunan Zhongchuang Chemical Co., Ltd.'s initial public offering (IPO) on the Shanghai Main Board.

On March 19, 2025, the European Food Safety Authority (EFSA) published risk assessment reports regarding the consumption, feed use, import, and processing applications for genetically modified corn DAS1131.

Recent developments in the domestic urea market indicate a steady increase in prices, prompting various stakeholders to reassess their positions.

Quaker Houghton has entered into a purchase agreement to acquire Dipsol Chemicals (Dipsol), a leading provider of surface treatment and plating solutions and services for automotive and other industrial applications, for 23 billion yen.

• Quaker Houghton
• Dipsol

UK-based oil and gas giant Shell said on the 25th that it is seeking to improve the performance of its chemical asset base by exploring strategic partnerships in the U.S. and closing plants in Europe.

• Shell