
Good morning. Guess who's back? (Again.) Some happy news to explain the six-month silence: I’m a dad now! Anyways, we have a lot to catch up on, so I’ve linked quite a few stories below. Also… I brought back the OG email design, oil & gas prices, the molecule of the day, and memes. Oh and you can now read the entire 6-year archive here.
| WTI Crude | $96.41/bbl | -9.9% |
| Brent Crude | $114.89/bbl | -12.2% |
| HH Nat Gas | $2.90/MMBtu | -2.4% |
| MB Propane | $0.86/gal | -1.3% |
| 3:2:1 Crack | $70.18/bbl | +9.2% |
Mitsubishi Chemical is exiting the polybutylene succinate (PBS) business it ran through PTT MCC Biochem, its 50/50 joint venture with PTT Global Chemical in Rayong, Thailand.
Wait, what's PBS?
PBS is a biodegradable polyester made from succinic acid and 1,4-butanediol (BDO), used in things like coatings for paper cups and coffee capsules. Mitsubishi and PTT built a 20 KTA plant to make it from bio-based succinic acid, and it started up in 2017.
So, what happened?
The market never developed the way the partners expected, and Mitsubishi says the business never made much money. The plant stopped running in December 2025, and once its inventory is sold, it'll be dismantled and the joint venture dissolved. It's the latest in a long line of Mitsubishi shedding businesses.
Avantium just finished commissioning the last major unit of its 5 KTA FDCA plant in Delfzijl, the Netherlands, and is about to make its first FDCA.
Catching you up:
Avantium spun out of Shell in 2000, developed a process to make FDCA from sugar, and teamed up with BASF in 2016 on a 50 KTA plant in Antwerp. It IPO'd in 2017, but BASF backed out in 2019 over the plant's timeline. So Avantium committed to a 5 KTA plant on its own and started licensing its process to Origin Materials, which later dropped FDCA to focus on PET caps and is now liquidating. The plant was finished in October 2024, but start-up has dragged, and first shipments are now expected at the end of 2026.
So, what now?
Money is tight. Avantium had €23.9 million in cash at the end of June and plans to raise at least another €55 million, and it's been shedding what it can to get the plant running: its glycol IP went to UPM, and its CO2 business was spun out as Carbeau. This plant looks like Avantium's final bet.
The FDA added bemotrizinol (BEMT) to its list of approved sunscreen ingredients, the first new UV filter allowed in US sunscreens in a couple of decades, and it'll be in stores soon.
Why did it take so long?
BEMT has been stuck in the FDA's process since the early 2000s, even though Europe and Asia have used it for decades. We covered why back in December 2021: the US regulates sunscreen as a drug, not a cosmetic, so whoever makes the ingredient has to pay for drug-style trials without drug-style margins.
Enter BASF:
DSM-Firmenich sponsored the FDA request, which normally earns the sponsor 18 months of exclusive sales. Instead of keeping that to itself, it licensed BASF to sell BEMT in the US alongside it, and BASF launched its own two months after the approval. DSM-Firmenich's application leaned partly on BASF's old safety data (BASF bought Ciba, which invented the molecule), and DSM-Firmenich told BeautyMatter the license was the fastest way to get BEMT to market.

You probably know aniline most intimately from a commonly performed lab in organic chemistry using azo dyes. While only about 2% of the aniline produced today is used to make dyes and pigments, the molecule was first produced industrially for exactly that. Its legacy can be found in the name of the world's largest chemical producer—BASF (originally called Badische Anilin- und Soda-Fabrik).
The world produces some 8 million tonnes of aniline each year by nitrating benzene to nitrobenzene and then hydrogenating it. The vast majority (about three-quarters) of the molecule is used to produce MDI (which is used to make mostly rigid polyurethane foam) and the rest becomes rubber processing chemicals, herbicides, pharmaceuticals and those dyes mentioned earlier.
The aniline market is fairly consolidated, since most of it is made by the same few companies that make MDI, for their own use. They're led by Wanhua, BASF, and Covestro.
