Table of Contents
Executive Summary........................................................................... 5
Section I: Top pick summaries ......................................................... 9
BASF ................................................................................................. 10
DSM NV............................................................................................ 12
Celanese Corp.................................................................................. 14
Sumitomo Chemical........................................................................ 16
Section II: The petrochemical cycle ............................................... 18
The trough continuing to 2010 ....................................................... 19
Middle East ...................................................................................... 27
North America.................................................................................. 36
Asia – the focus remains on China ................................................. 48
Japan ................................................................................................ 53
Section III: Product analysis ........................................................... 58
Ethylene............................................................................................ 59
Propylene ......................................................................................... 62
HDPE................................................................................................. 65
LLDPE................................................................................................ 68
LDPE.................................................................................................. 71
Polypropylene .................................................................................. 74
PVC ................................................................................................... 77
Styrene ............................................................................................. 80
Polystyrene ...................................................................................... 83
Ethylene oxide ................................................................................. 86
Ethylene glycol................................................................................. 89
Phenol............................................................................................... 92
PET.................................................................................................... 95
PTA.................................................................................................... 98
Nylon/Polyamide........................................................................... 101
Caprolactam................................................................................... 104
Polycarbonate ................................................................................ 107
Polyurethane (MDI) ....................................................................... 109
Polyurethane (TDI)......................................................................... 111
Acrylic Acid .................................................................................... 113
Styrene Butadiene Rubber............................................................ 116
Acetic Acid ..................................................................................... 119
VAM (Vinyl acetate monomer)..................................................... 121
Appendix A: Global company valuations .................................... 126
Historical valuation P/E charts ..................................................... 127
Appendix B: Global team contact details.................................... 133