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Energy prices accelerate the move to the Middle East.
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Purchasing
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August 14, 2008
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Copyright informationCOPYRIGHT 2008 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By David Hannon
The longer natural gas and oil prices remain at record-highs domestically, the faster the chemicals supply base is moving to the Middle East.
Some buyers were taken by surprise in June when Dow Chemical announced its second major across the board price increase of 25%. But what may have been overshadowed in that announcement was Dow's news that it was cutting North American production of ethylene oxide and acrylic acid as well as materials in Europe due to escalating costs. Only a week later, it was reported that Dow and Saudi Aramco plan to build a $26 billion petrochemicals complex in Saudi Arabia.
It's just one example of a growing trend in ...
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