The European chemical industry's 'shutdown wave': Exactly how many chemical plants have been shut down? Let us list them for you.

Shell decided to exit its Surface Protection Solutions (SPS) Capstone business. The exit from the APM business was driven by regulatory changes and declining demand, as the market no longer favors end-capped polymeric chemicals. The exit from the Capstone business stems from third-party forecasts indicating low end-use demand in the hydrogen sector and uncertain growth trajectories beyond 2030. Shell: In March 2025, the company announced it is exploring strategic partnerships in the United States while planning to close several facilities in Europe—including its ortho-/para-xylene assets in Wesseling, Germany, and its methyl ethyl ketone (MEK) facility in Pernis, the Netherlands. In July 2025, Shell upgraded its 'review of options' to a 'formal exit plan', deciding to shut down aromatic and olefin units at its Rheinland integrated refining & petrochemical complex in Germany, as well as certain olefin and derivative units at its Moerdijk site in the Netherlands. It plans to phase out operations at its Mossmorran cracker facility in the UK between 2026 and 2027. TotalEnergies: In April 2025, the company announced it will permanently shut down an aging cracker unit at its Antwerp refinery-petrochemical complex in Belgium by the end of 2027. This unit has an annual capacity of 550,000 tons of ethylene and 230,000 tons of propylene. SGL Carbon: In May 2025, the company announced— as part of its restructuring of its loss-making carbon fiber business—the closure of its manufacturing site in Lavradio, Portugal (producing acrylic fibers and carbon fiber precursors). Production will cease in June 2025, with full shutdown completed by the end of 2026. Lanxess: In Q2 2025, the company announced it would accelerate the shutdown of its caprolactam plant at its Krefeld-Uerdingen site in Germany to the end of Q2 2025. BASF: Between June and July 2025, the company successively announced that multiple production lines at its Ludwigshafen integrated site in Germany would be shut down or sold—including facilities for adipic acid, cyclododecanone (CDON), cyclopentanone (CPON), caprolactam, synthetic ammonia, and toluene diisocyanate (TDI). The company stated this move aims to realign its production structure to adapt to evolving market conditions and ensure long-term profitability across its value chain. This represents BASF’s largest-scale 'streamlining' initiative in Europe since its shutdowns of select ammonia and methanol units in 2023–2024. Westlake: In June 2025, the company announced the closure of its bisphenol-A and liquid epoxy resin units at its Pernis plant in the Netherlands—and confirmed it will not restart its chloropropene and epichlorohydrin units, which had already ceased operations in July 2024. The entire plant will be closed in 2025. Trinseo: In June 2025, the company confirmed the permanent shutdown of its 160,000-ton-per-year polycarbonate (PC) plant in Stade, Germany. It cited declining European demand and unfavorable energy and raw material price spreads as reasons rendering the site 'chronically unprofitable'. Dow: In Q4 2025, the company will announce new shutdown plans, halting a chemical recycling project at its Böhlen, Germany facility—a project representing an investment exceeding USD 100 million.

The '2022 Annual Investment and Financing Analysis Report for Culture and Tourism Groups' has been released!

Against this backdrop, OCT Group actively issued bonds for financing throughout 2022, launching a total of 11 financing initiatives—including seven medium-term notes and four ultra-short-term financing bills—with a total financing scale of RMB 18.75 billion, the highest among all groups. According to bond issuance announcements, the proceeds were primarily used to repay working capital loans and maturing bond principal—'rolling over debt' has become OCT Group’s consistent approach to alleviating debt pressure in recent years. However, 'rolling over debt' is only a short-term measure; the group urgently needs to resolve its long-term 'self-sustaining cash generation' challenge. As one of China’s leading tourism conglomerates and a representative enterprise among the 'Top 20 Chinese Tourism Groups', BTG Group operates across hotel management, catering, travel agencies, tourism retail, automobile services, and scenic attractions. Its portfolio includes four listed companies: BTG Hotels, Wangfujing, BTG Shopping, and Quanjude. Overall pandemic impacts severely affected operations across its hotel, travel agency, and scenic attraction businesses. In the first three quarters of 2022, the group reported a net loss of approximately RMB 5.309 billion. To safeguard cash flow and operational continuity and to meet debt repayment obligations, BTG Group launched 11 ultra-short-term financing bills and issued four medium-term notes in 2022, raising a total of RMB 15.8 billion—including RMB 9.3 billion from ultra-short-term financing bills and RMB 6.5 billion from medium-term notes. Gansu Provincial Aviation & Highway Investment Group Co., Ltd. (Gansu GAHI): Established in December 1999 with registered capital of RMB 100 billion, the company is wholly owned by the Gansu SASAC and responsible for investment, financing, construction, operation, and development of high-grade highways, general aviation, and cultural tourism projects in Gansu Province. In the tourism sector, it now holds absolute controlling stakes in premium tourism assets including Zhangye Danxia, Yanzhi Mountain, Shandan Horse Ranch, Yongjing Yellow River Three Gorges, Dingxi Guiqing Mountain, and Zheyang Mountain. According to financial report data, the group’s revenue for the first three quarters stood at RMB 111.67 billion, down 13.14% year-on-year; net profit reached RMB 584 million, up 209% year-on-year. In 2022, the group launched one private placement financing round totaling RMB 9 billion—the highest single-round financing amount among all culture and tourism groups—further underscoring its strong financial standing and high social creditworthiness, earning strong investor confidence and favor. Additionally, in March 2022, the group successfully issued a USD 250 million offshore green and sustainable development bond—the first such issuance by any Chinese transportation infrastructure investment enterprise overseas. Kaifeng Cultural & Tourism Investment Group Co., Ltd. (Kaifeng CTI): A municipal state-owned sole proprietorship company established in 2010, Kaifeng CTI comprises four core business segments—urban operations, cultural tourism, financial services, and property rights R&D. In 2022, its cultural tourism segment launched a series of high-quality projects, including Longxi Family Hotel, Starry Sky Tent Restaurant, Wentou Ligu Supermarket (jointly operated with Lianhua Chain Store), Di Yi Lou (First Tower), and Songchao Camping Base. In the first three quarters of 2022, the group’s consolidated net profit amounted to approximately RMB 8.25 million—up RMB 7.46 million year-on-year, representing a multi-fold increase. In 2022, the group launched five financing initiatives totaling RMB 4.8 billion—including three private placements (RMB 4 billion), one ultra-short-term financing bill (RMB 500 million), and one medium-term note (RMB 300 million)—with proceeds primarily allocated to supplement operating working capital and repay interest-bearing debts. West Lake Cultural Tourism Group Co., Ltd. (West Lake CTI): A large district-level state-owned enterprise under Xihu District, Hangzhou, with registered capital of RMB 1 billion. Its subsidiaries include West Lake Wetland Tourism Development Co., Ltd., West Lake Hotel Management Co., Ltd., Hangzhou West Lake Wetland Comprehensive Protection & Construction Co., Ltd., and Hangzhou Lingshan Scenic Town Co., Ltd.—totaling six subsidiaries. The group oversees the operation of district-owned scenic spots, hotels, cultural and sports venues, and other physical assets.

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