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COVID-19 continues to ravage the world, severely damaging global and regional economic growth
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They have even been forced to rationalize certain business spending plans, including reducing non-essential spending and deferring certain expansion projects, to mitigate the impact of COVID-19
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Dayanand Kharade, Oil and Gas Analyst at GlobalData, commented: “Operators of petrochemical companies focus on strategic needs and adjust project timelines accordingly
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The increase in polymer capacity has been concentrated in Indonesia, primarily targeting growing domestic demand and reducing reliance on imports
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Kharade concluded: “Polymer demand in Southeast Asia is expected to decline in 2020 as demand in construction, automotive and other sectors weaken
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