Table of Contents
Petrochemicals — Preparing for a Supercycle........................................................................................................................... 3
Investment Debates ................................................................................................................................................................... 8
Global Utilization ........................................................................................................................................................................ 15
Demand ..................................................................................................................................................................................... 19
Supply ........................................................................................................................................................................................ 41
Feedstock Costs ........................................................................................................................................................................ 47
Focus Stocks
LyondellBasell..................................................................................................................................................................... 57
PTT Chemical Public Company .......................................................................................................................................... 59
SABIC................................................................................................................................................................................. 61
Dow Chemical Company..................................................................................................................................................... 63
BASF .................................................................................................................................................................................. 65
Formosa Plastics ................................................................................................................................................................ 67
LG Chem............................................................................................................................................................................. 69
Reliance Industries ............................................................................................................................................................ 71
Valuations .................................................................................................................................................................................. 73