European petrochemical manufacturers take cautious stance. (News: Europe).

Chemical Market Reporter, February, 2003 by Milmo, Sean

ANALYSTS PREDICT that, with or without a war in Iraq, there will be a pickup in the world economy later this year that will generate stronger growth in overall demand for petrochemicals in 2004 and beyond. Nonetheless, petrochemical producers in Europe, particularly those that belong to oil companies, are taking a more cautious view.

They expect little growth in sales or profits this year and take a conservative stance on economic prospects for the next few years. Oil companies are worried about future trends in oil pricing because increases in world oil capacity have been outstripping the slow rise in oil consumption. They are also applying these concerns to their forecasts for the petrochemicals market. As a result, some European oil majors are...

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