Mitsubishi Chemical High Performance Materials Project Lands in Economic Development Zone

WTI crude oil surged over 13% intraday, continuing its short-term upward momentum, and is currently trading at $112.42 per barrel.

Mitsubishi Chemical High-Performance Materials project is established in the Economic Development Zone. The project will focus on the research and production of advanced products such as ultra-high molecular weight polyethylene (UHMW-PE), polyether ether ketone (PEEK), and polyethylene terephthalate (PET), which are widely used in high-end fields such as humanoid robot joints, medical implants, lightweight automotive, and aerospace heat-resistant applications. The project features high technical barriers and broad market prospects. This project marks the first production base established by Mitsubishi Chemical's Advanced Materials Business Group in China, signifying the beginning of localized production of the group's high-performance engineering plastics, which holds significant strategic importance. The project is expected to start production by the end of this year, with a planned capacity of over 600 tons. After completion, the new company in Changshu is expected to achieve annual sales revenue of over 300 million yuan.

  April 1: According to foreign media reports, Saudi Arabia’s crude oil exports dropped by half in March due to disruptions in the Strait of Hormuz, forcing the country to reroute shipments to its west coast. Tanker-tracking data shows that average exports for the month stood at 3.33 million barrels per day (bpd), compared with 6.66 million bpd in February. Without the ability to transfer crude oil to Red Sea export terminals, this decline would have been even steeper. Following the outbreak of the Middle East conflict, Saudi Arabia swiftly shifted crude oil exports from Gulf terminals to its east-west pipeline. This pipeline transports crude oil from eastern Saudi oilfields to refineries and ports along the Red Sea coast, with a transport capacity of approximately 7 million bpd. When operating at full capacity, the pipeline supplies around 5 million bpd of crude oil available for export from Yanbu, while the remainder is allocated to refineries near Riyadh and along the west coast, or used for power generation and seawater desalination facilities along the Red Sea coast.

April 1 (News): Amid the ongoing Middle East conflict and worsening energy supply tensions, the South Korean government announced on April 1 further reinforcement of energy-saving measures. On that day, the Ministry of Climate, Energy, and Environment stated that, effective from April 8 local time, the vehicle restriction policy for public-sector vehicles would be upgraded from the previous weekday “last-digit-based restriction” to a stricter “odd-even license plate restriction.” Although private vehicles remain subject to voluntary restrictions, a mandatory last-digit-based restriction will be enforced at approximately 30,000 public parking lots nationwide. Additionally, the government recommended that public institutions adopt flexible working hours, reduce non-essential business travel, and expand the use of video conferencing to further lower energy consumption. For public vehicles violating the restriction, disciplinary action will be imposed after four violations. The government emphasized that it has not yet introduced mandatory restrictions on private vehicles nationwide, instead adopting “transitional measures”—such as restricting access to public parking lots—to encourage the public to drive less and rely more on public transportation. Whether to further expand the scope of mandatory restrictions will be determined cautiously, based on energy supply-demand conditions and societal impact.

Sadara, the joint venture between Saudi Aramco and U.S.-based Dow Chemical, confirmed on March 31 that its large petrochemical integrated complex in Jubail, Saudi Arabia, has suspended production due to ongoing global supply chain disruptions. The announcement was issued by Sadara Basic Services Company, a subsidiary responsible for issuing Islamic bonds on behalf of the parent companies. According to a statement cited by Reuters, the company cannot currently determine when operations will resume, emphasizing that the timeline will depend on a range of internal and external factors. Sadara operates a major industrial facility in Jubail with an annual capacity for chemicals and plastics exceeding 3 million tons. This production halt is expected to negatively impact the company’s financial performance for the current fiscal year.