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Europe Is Still in Transition

10:54 AM MDT | October 4, 2009 | Natasha Alperowicz

More Tough Years Lie Ahead The European petrochemical industry is showing signs of recovery, following the near collapse of business in December 2008 and January 2009, when massive destocking took place as companies tried to recover cash through the value chains. The industry nevertheless faces tough times in the rest of 2009 and throughout 2010. These bottom-of-cycle years will be exacerbated by the massive petchem investments coming to fruition in the Middle East. Crotty: 'Operating rates have improved but they are still low.' “We are back to much more...

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