FACTS & FIGURES - Tecnimont ICB
FACTS & FIGURES - Tecnimont ICB
FACTS & FIGURES - Tecnimont ICB
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7<br />
CHEMICALS &<br />
PETROCHEMICALS<br />
2008 will be remembered as a peak year for engineering and<br />
construction in the cycle that started in 2005. The first six months<br />
saw the completion of several large-scale projects, mainly in the<br />
Middle East and Asia, which contributed to a significant growth in<br />
world production capacity. The increasing oversupply was then<br />
compounded by a downturn in the world economic cycle. Several<br />
leading chemical producers found themselves in financial<br />
difficulties. In a few cases, restructuring plans were announced and<br />
new investments postponed. Even companies that were less<br />
severely affected have delayed their investments in order to benefit<br />
from the expected reduction in material costs.<br />
Current expectations in the industry are for a period of<br />
consolidation. However, the longer-term outlook indicates that<br />
production will continue to migrate from areas such as North<br />
America and Europe towards the Middle East and Asia, which have<br />
lower production costs. Despite the economic difficulties, Maire<br />
<strong>Tecnimont</strong> has maintained its market share and leadership position<br />
in polyolefins, and we continue to see interesting new opportunities,<br />
particularly in the Gulf Cooperation Council (GCC) countries.<br />
The Group has also started to diversify into new business areas and<br />
new markets. We have formed strategic alliances with important<br />
technology providers in fertilizers, synthetic rubber/elastomers and<br />
aromatics derivatives. In addition, new joint ventures with local<br />
partners will facilitate access to the North African market, where<br />
significant investments are planned in coming years.<br />
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