Spanish Prime Minister Pedro Sanchez said on Monday his cabinet will approve on Tuesday a new decree to regulate the first four out of 11 green hydrogen projects to be carried out in the country. In a speech in Madrid, Sanchez said his government will approve a 74 million-euro ($79.12 million) initial subsidy for those projects. The Prime Minister stressed that as much as 20% of the world’s green hydrogen projects are located in Spain.
Asia to Dominate Global Ethylene Capacity Additions by 2030
Asia is set to lead the global ethylene industry capacity additions with a share of 60% by 2030, as it gains capacities from new-build and expansion projects between 2022 and 2030, says GlobalData, a leading data and analytics company.
GlobalData’s latest report ‘Ethylene Market Capacity and Capital Expenditure (CapEx) Forecast by Region, Top Countries and Companies, Feedstock, Key Planned and Announced Projects, 2022-2030’ reveals that the total ethylene capacity of new-build and expansion projects in Asia is expected to reach 62.64 million tonnes per annum (mtpa) by 2030.
The capacity additions are driven by an increase in ethylene consumption due to a rise in demand for ethylene derivative products including plastic in various industries such as packaging, construction, telecommunications, and transportation.
Nivedita Roy, Oil and Gas Analyst at GlobalData, comments: “In the upcoming new-build projects category, Asia is expected to see a capacity addition of 60.81 mtpa from 50 planned and announced projects, whereas from the expansion projects, it is anticipated to add a capacity of 1.83 mtpa from eight planned and announced projects.”
China and India are the major countries in Asia in terms of ethylene capacity additions. The main capacity addition in China would be from an announced project, Shandong Yulong Petrochemical Longkou Ethylene Plant 2 with a capacity of 5.2 mtpa. It is expected to come online in 2030.
Nivedita concludes: “India will see a major capacity addition coming from two projects that include Haldia Petrochemicals Cuddalore Ethylene Plant, which is an announced project with an expected start of operations in 2025, and a planned project Nayara Energy Vadinar Ethylene Plant that will come online in 2024. The two projects will have a capacity 1.8 mtpa each.”