Recent developments
Upstream access expands
Libya reopened offshore licensing, with QatarEnergy, in partnership with Eni, awarded block O1; Eni will operate the license. A separate consortium saw MOL enter a joint venture with Repsol and TPAO for block O7. Beyond Libya, TotalEnergies advanced in Namibia via the PEL104 Exploration license, while ORLEN increased gas exposure through the Afrodite gas discovery in Norway.
Gas and ammonia supply
Germany’s supply diversification progressed as ADNOC and Germany strengthen energy partnership, including 1.6 mtpa Ruwais LNG offtake and a collaboration with RWE. For petrochemical feedstocks, Covestro, Fertiglobe, and TA’ZIZ agreed to explore ammonia and nitric acid value chains, near-term supply to Asia/US sites, and low-carbon pathways.
Trade and digitalization
China expanded export participation as Sinopec's phenol product reached international markets, supported by tighter moisture specs and coordinated logistics. Data infrastructure advanced with Sinopec’s General High-Quality Dataset for the Petrochemical Industry passing MIIT evaluation, underpinning molecular modeling for process and product development.
European competitiveness strain
At the European Industry Summit in Antwerp, operators cited high energy and carbon costs, long permitting, and imports eroding base‑chemicals. INEOS warned Europe's chemical industry is at risk after 101 site closures, proposing faster trade defense, temporary carbon‑tax relief, and lower energy prices.
Corporate performance
Industrial suppliers adjusted amid weak demand. thyssenkrupp confirmed its fiscal year forecast with higher EBIT despite lower sales, while Materials and Steel stayed under pressure. In refining and upstream, bp 2025 Q4 and Full Year Results showed high availability, stable production, sizable divestments, and a buyback pause to prioritize balance‑sheet strength and disciplined oil and gas investment.