Chemical industry news · Three minutes a day
Monday, November 2, 2026
Lead Story
Portugal Weighs Increased Galp Stake After Moeve Merger CollapsePortugal's government considers raising its stake in oil firm Galp Energia following the collapse of a merger with Spain's Moeve due to geopolitical tensions affecting refinery valuations. The move aims to protect strategic assets including the nation's sole oil refinery.
OPEC+ delegates indicate plans to maintain current oil production quotas in December amidst Middle East conflicts, while oil futures rally on geopolitical risks despite weakening physical market signs.
Germany's gas storage association INES urges stricter filling obligations after levels dropped to 61.35%, missing the 80% winter target due to high prices linked to geopolitical tensions.
The Central Commission for Discipline Inspection announced that Fu Chengyu, former chairman of Sinopec, is under investigation for suspected serious violations. Reports indicate the probe may concern economic issues during the company's past mixed-ownership reform and sales subsidiary listing.
Eastman Chemical reported mixed Q3 2026 financial results, missing estimates but achieving earnings growth and improved margins. Despite stock declines driven by high raw material costs, the company highlighted strategic initiatives like an Ethylene-to-Propylene project.
ProShare Advisors LLC reduced its stake in PPG Industries by selling 48,761 shares. PPG reported strong quarterly earnings beating estimates with 6.6% revenue growth and declared a quarterly dividend.
Sumitomo Mitsui Trust Group Inc. acquired approximately $611.8 million in Linde PLC shares during the third quarter. Analysts maintain a Moderate Buy rating with a consensus price target of $550.14 following strong quarterly earnings.
Eastman Chemical Company announced a price increase for Eastman Ethyl Acetate, Urethane Grade, by USD 0.06/lb in North America and Latin America. The hike excludes food-grade products and takes effect on November 1, 2026.
Elektros (OTC:ELEK) is evaluating a hard-rock lithium project in Northern New York to bolster the U.S. domestic battery supply chain. Currently in an exploratory phase, the company is assessing geological viability alongside its existing EV charging technology patents.
Elektros Inc. is evaluating a potential hard-rock lithium project in Northern New York to meet growing domestic demand for EV and energy storage supplies. However, the company notes that no acquisition has been finalized and mineral resources remain unverified at this early stage.
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