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MORNING BRIEFING

CommoPlast                 Wednesday, 09 September 2026

                                                                                                                             commoplast.com

MARKET MOVEMENT

Closing prices, previous trading day. Monomers show direction only.

TODAY’S DEVELOPMENTS

PLANTS · PAKISTAN

Lotte Chemical Pakistan to acquire Engro Polymer in major PVC-PTA consolidation

Lotte Chemical Pakistan has signed an agreement to acquire Engro Corporation's controlling stake in Engro Polymer & Chemicals, a deal that will trigger a mandatory tender offer for remaining shareholders and an eventual merger, pending regulatory approval. The move follows less than a year after LCPL itself changed hands, with Dubai's PTA Global Holding taking majority control from South Korea's Lotte Chemical as part of a broader restructuring drive addressing oversupply pressures back home.

The deal is seen as broadly constructive for domestic PVC and VCM output, with improved plant reliability potentially easing import dependence over time, while impact on PTA markets is expected to stay limited.

LPG ·  INDIA

India rolls out incentives to boost piped gas, aiming to curb LPG import reliance

India has introduced a new incentive scheme for city gas distributors to expand piped natural gas (PNG) connections, offering additional low-cost domestic gas for every household that switches from LPG cylinders to PNG. The move, effective in August, is designed to improve connection economics for distributors, cutting the investment payback period sharply, while chipping away at India's heavy reliance on imported LPG.

With PNG penetration still a fraction of India's LPG household base, the scaling potential is substantial, though the pace of substitution will hinge on pipeline buildout, conversion costs, and consumer uptake. The direct impact on gas-intensive chemical producers is expected to be limited near term given the residential focus of the policy.

Even so, market participants are increasingly turning their attention to what a sustained shift away from LPG could mean for the broader LPG market over time, and by extension, its derivatives, with propylene drawing particular focus as a potential transmission point for any longer-term demand realignment.

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