MOSCOW (MRC) -- OQ Chemicals (Monheim am Rhein, Germany) says it has raised prices for 2-ethylhexanoic acid (2-EHA) worldwide,.tThe price hike was “due to supply and demand,” reported Chemweek with reference to the company's statement.
Effective as of 15 November or as contracts allow, the price in Europe increased by EUR100/metric ton (USD116/metric ton), while in the US it rose by 5 cents per pound. In the rest of the world the price of 2-EHA was raised by USD100/metric ton.
OQ, formerly Oxea, in September implemented a price increase for 2-EHA effective 1 October also due to supply and demand for the product, it said at the time. It also raised prices for other oxo intermediates and carboxylic acids including 2-ethylhexanol (2-EH).
As MRC wrote earlier, in September 2020, OQ Chemicals entered into an agreement to license its advanced proprietary technology for the production of ethylene and propylene derivatives to Duqm Refinery and Petrochemicals Industries Company (DRPIC) in Oman. DRPIC, a joint venture between Oman Oil Company and Kuwait International Oil Company, is a planned grassroots petrochemical complex at Duqm, Oman. In all, DRPIC awarded twelve license packages to international licensors.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,760,950 tonnes in the first ten months of 2020, up by 3% year on year. Only high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased. At the same time, PP shipments to the Russian market reached 978,870 tonnes in January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.
OQ Chemicals, formerly Oxea, is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavours and fragrances, printing inks and plastics. OQ Chemicals is part of OQ, an integrated energy company that delivers sustainability and business excellence. OQ operates in 16 countries and covers the entire value chain from exploration and production to the marketing and distribution of its products.