In early November 2025, multiple factors contributed to the naphtha market evolution including changing trade flows, management transitions, and new capacity developments in Asia. A Russian naphtha cargo that had been sanctioned was discharged at Mundra Port in India, which was the first since Adani imposed a ban on all Western-blacklisted vessels. This reminded the market of the complications of sanction compliance. India's commitment to importing Russian material shows a broader trend where India is perceived as becoming a more significant importer of re-routed supplies as trade compartments shift. Glencore's co-head trading business, Oliver Bowen, has been hired by Vitol, and it could indicate an impending consolidation of trading and supply contracts for larger energy companies. Meanwhile, Indonesia launched a US$4 billion cracker plant made by Lotte Chemical, Indonesia's first naphtha cracker plant in 30 years, will result in Indonesia reducing ethylene imports by 90% and create a dramatic uptick in naphtha demand in the region. When pulled together, these occurrences reflect tightening global balances, developing trade routes, and strategic repositioning within the petrochemical and refining landscapes.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
