Episode 1225: Think Tank: Europe petrochemicals could learn lessons from Japan

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European petrochemical leaders should take inspiration from Japan, which is further ahead in reducing base chemicals while expanding in specialties and low carbon technologies. -          Japan hit by high naphtha feedstock costs, growing global overcapacity-          70% of crackers are more than 50 years old-          More than 10% of Japan’s crackers could close-          Downstream production also closing such as polyethylene terephthalate (PET) and paraxylene (PX)-          Japan basic chemicals losing ground, new focus on specialties -          Pushing materials for semiconductors, electronics -          Also expanding into bio-naphtha and pyrolysis oil -          Japan’s chemical companies want to licence recycling technologies-          Using ammonia and hydrogen to reduce dependence on LNG-          South Korea chemicals face existential crisis