Global LPG Markets & Outlook for Africa - LPG Consulting - ARDA | African Refiners ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
April 2021
Global LPG Markets & Outlook for Africa
Market Reporting
LPG
Consulting
LPG
illuminating the markets
illuminating the markets
Copyright © 2021 Argus Media group.
All rights reserved Events
Disclaimer and Notices This presentation (the “Report”) is confidential, made available strictly under licence and has been prepared solely for the internal use of the applicable Argus licensee (a “Client”). Any use or disclosure of this Report and its contents without specific written permission from Argus is strictly prohibited. No duty of care is owed by Argus to any third party and Argus disclaims all liability in relation to any third party who seeks to rely upon or use the Report or any of its contents. The Report, including the Argus trademarks and logo/legal notices, may not be altered. Derivative works of all or part of the Report may not be created without prior written permission. The data, information or opinions contained in this Report are provided on an “as is” basis without any warranty, condition or other representation as to its accuracy, completeness, or suitability for any particular purpose and shall not confer rights or remedies upon the recipients of this presentation or any other person. Data and information contained in the Report come from a variety of sources, some of which are third parties outside Argus’ control and some of which may not have been verified. Argus does not warrant that this Report is in all respects accurate and complete and does not warrant any results obtained or conclusions drawn from the use of this Report. Argus has no obligation to maintain or update this Report. All analysis and opinions, data, projections and forecasts provided may be based on assumptions that are not correct or which change, being dependent upon fundamentals and other factors and events subject to change and uncertainty; future results or values could be materially different from any forecast or estimates described in the Report. Subject to any agreement between Argus and its Client, Argus expressly disclaims any and all liability for any direct, indire ct or consequential loss or damage, claims, costs and expenses, whether arising in negligence or otherwise, in connection with access to, use or application of these materials or suffered by any person as a result of relying on any information inc luded in, or omission from, this Report and related materials or otherwise in connection therewith, to the maximum extent permitted by law. The Client’s use of the Report is entirely at the Client’s own risk. This Report does not offer or provide financial, tax or legal advice. Copyright notice Copyright © 2021 Argus Media group. All rights reserved. All intellectual property rights in this presentation and the information herein are the exclusive property of Argus and and/or its licensors and may only be used under licence from Argus. Without limiting the foregoing, you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of Argus. Trademark notice ARGUS, the ARGUS logo, Argus publication titles, and Argus index names are trademarks of Argus Media Limited. For additional information, including details of our other trademarks, visit argusmedia.com/trademarks. LPG Copyright © 2021 Argus Media group. 2 illuminating the markets All rights reserved
1 Global scene-setting: Supply, demand, trade
2 Africa: Market context and outlook
3 Conclusions
4 LPG pricing in Africa
LPG Copyright © 2021 Argus Media group. 3
illuminating the markets All rights reserved
LPG is primarily consumed in the residential and petrochemical sectors
LPG demand by sector, 2019
Residential demand is broadly
characterized as heating in cold
developed countries and cooking in warm
developing countries
Residential
34% Non-energy – LPG is a key petrochemical
Agricultural feedstock and a component of other oil
40%
Industrial products
Commercial
Industrial/Commercial – use in either
Transport
industrial processes in off gas-grid
Refinery fuel settings, and hotels/restaurants
Non-energy
Transport – LPG is third most common
road transport fuel globally, after gasoline
2%
9% 1% and diesel
7%
7%
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 4
illuminating the markets All rights reserved
Covid-19 had a significant impact on demand patterns over the course of
2020
Petrochemical ▪ Covid-19 impacted the petrochemical sector by affecting feedstock prices and altering downstream demand patterns. In March/April,
the price of propane soared relative to that of naphtha. This was due to the relative stable demand for propane and the colla pse of
demand for naphtha, but has since stabilised
▪ Demand for co-products which go into packaging and PPE have been in high demand; co-products used heavily in, for example, tires
have seen demand fall sharply and recover slowly. Downstream demand is impacting feedstock choice
Residential ▪ The immediate impact of Covid-19 on the residential sector was quite chaotic
▪ China’s lockdown in February initially resulted in a fall in residential consumption. This was coupled with supply issues particularly in
rural areas as movement between areas was curtailed, impacting deliveries
▪ On the other hand, the lockdown in India caused a well-reported surge of imports as it was coupled with lower refining runs
▪ Overall, demand in most markets exceeded what would have been expected pre-Covid-19
Transport ▪ The large autogas markets have handled the Covid-19 outbreak differently from weeks-long lockdowns in Italy (now being repeated) to
no lockdown due to rigorous testing and tracing in South Korea. As a consequence, the impact on these markets has been different
▪ Probably most impacted has been Italy, where autogas demand was down more than 20pc in 2020. A similar impact was seen in Turkey
and Poland, but autogas demand actually increased slightly in Ukraine, albeit at a slower rate than in previous years
Industrial/
Commercial ▪ The impact of Covid-19 is forecast to be negative for both the industrial and commercial sectors, but of different severities
▪ Consumption of LPG in industry is largely tied to the overall state of the economy and so a global recession will dampen dema nd from
this sector.
▪ The commercial sector is forecast to have a more sizeable drop in demand given it is frequently used in off-grid accommodation, cafes,
caravans, etc.
LPG Copyright © 2021 Argus Media group. 5
illuminating the markets All rights reserved
Trade flows continue to evolve as exporters compete for markets
Canadian exports in 2020 vs 2019: Key flows into Europe in 2020:
3.8mn t USA (down from 4.9mn t in 2019) 5.3mn t from the US (up from 4.2mn t in 2019)
206kt to Mexico (down from 745kt) 3.4mn t from N. Africa (steady at 3.5mn t)
456kt to Japan (up from 328kt) 1.1mn t from Russia (down from 2.0mn t)
45kt to China (up from 0)
22kt to Korea (up from 0)
Middle East exports to Asia in 2020:
11.0mn t to China (down from 12.9mn t in 2019)
14.8mn t to India (up from 13.7mn t)
3.5mn t to Indonesia (up from 2.7mn t)
1.2mn t t to Japan (down from 1.7mn t)
US exports to Asia in 2020:
12.5mn t to Japan (up from 9.9mn t in 2019)
3.9mn t t to S. Korea (up from 3.7mn t)
4.2mn t to China (up from 277kt)
2.9mn t to Indonesia (up from 1.9mn t)
634kt to India (up from 422kt) US exports to Latin America in 2020:
5.1mn to Mexico (up from 4.4 mn t in 2019)
1.7mn t to Brazil (up from 1.3mn t)
972kt to Chile (up from 870kt)
1.1kt to Dominican Republic (down from 1.4mn t)
— GTT; Argus Consulting
LPG Copyright © 2021 Argus Media group. 6
illuminating the markets All rights reservedLooking forward over the next 24 months, the outlook is positive
▸ Gradual recovery in transport,
industrial and commercial sectors
▸ Small decline forecast in
▸ Demand for LPG in the petrochemical ▸ Strong growth in supply in
2021, pushing production back
sector supportive 2021 from both gas processing
to 2019 levels; growth is
expected again in 2022 ▸ Whilst refinery production is forecast and refineries
▸ Demand supported by
to recover slightly in 2021, it is not ▸ Growing demand, particularly
expected to return to pre-Covid levels for Autogas in 2021 and 2022
petrochemical sector
▸ Plenty of product still
again
▸ More volumes available for
available for export export
▸ Refinery production continues
to expand
▸ Commercial, industrial, ▸ Gradual recovery forecast for
transport demand to recover
over 2021 and 2022 ▸ Demand is primarily from the ▸ Significant new production in 2021 and 2022 – commercial and transport
demand over 2021 and 2022
both from refining and gas processing
▸ Growth continues in the residential sector, though per
▸
residential sector, especially in capita levels remain very low in ▸ Increased demand from petchem sector Petrochemical sector
continues rapid growth
smaller, still developing markets most markets ▸ More volumes available for export
▸ Reliance on imports to ▸ Increased production from
increase Nigeria forecast, primarily from
gas processing
LPG Copyright © 2021 Argus Media group. 7
illuminating the markets All rights reservedThe US and Middle East are forecast to remain the drivers of global supply
LPG supply by region 2010-2040, mn t
Africa: We are generally bearish on new supply coming to market from
Africa production Latin America production Russia & FSU production Africa, particularly given investment plans and turmoil at Sonatrach. We
Asia production Middle East production do forecast increased supply from Nigeria’s gas production but only a
400
Europe production North America production minimal boost from the commissioning of the Dangote refinery
Asia Pacific: The impact of Covid-19 will be felt primarily in 2020 as
350 refiners cut their runs. A number of new refining projects are forecast to
come online through the medium-term
300 Europe: In Europe, production is primarily from the refining sector, which
is forecast to decline in 2020 and we do not forecast this supply
recovering to 2019 levels. A number of closures/conversions announced
250 Latin America: The region’s production fell in 2020 as refiners curtailed
operations. Over the medium-term, moderate growth is forecast
200 Middle East: Production increases are forecast to be steady and across a
wide range of countries including Iran, Iraq, Kuwait, Qatar, and Saudi
Arabia. Refinery additions in Iran and Saudi Arabia also add further supply
150 to the region’s balance.
North America: US supply has risen despite the market turmoil, defying
100 our expectations. We forecast supply to continue to expand but market
and political forces have made us more bearish.
Russia and FSU: Continued expansion of the region’s gas processing
50 capacity will sustain increases in LPG production. In 2021, supply from
Azerbaijan is forecast to add nearly 1mn t/yr to the region’s output
0
2010 2015 2020 2025 2030 2035 2040
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 8
illuminating the markets All rights reservedAsia will remain the dominant consumer
LPG demand by region 2010-2040, mn t Africa: The continent is gradually seeing demand shift from the large markets
of northern Africa to a diverse set of smaller markets. 2020 saw large
Africa consumption Latin America consumption Russia & FSU consumption
increases in demand in Nigeria and Kenya. Development of any or many of
Asia consumption Middle East consumption
400 these markets has the potential to shift trade and support investment
Europe consumption North America consumption
Asia Pacific: Residential and petrochemical demand held up in 2020 and just
made up for the fall in the industrial, commercial and autogas sectors. Over
350 the medium-term, demand in the residential demand and petrochemical
sectors will drive growth in the region. Our forecast includes a number of PDH
plants under construction in China with five slated to come online in 2021.
300
Europe: In Europe, the traditional residential and autogas markets are slowly
declining though there are still pockets of growth (for example, autogas in
250 Ukraine). The petrochemical market has been the biggest source of demand
though this can be variable depending on price signals. PDH plants in Poland
and Belgium support demand.
200
Latin America: The Latin American market is forecast to continue growing
steadily, supported by sizeable residential demand. We are monitoring
150 developments in Colombia where the government has passed regulations
designed to promote the development of an autogas market
Middle East: In the Middle East, a large petrochemical sector and cheap local
100
feedstocks supports demand. New projects are forecast in Kuwait and UAE.
North America: As energy usage falls, petrochemical demand is increasing
50 gradually as new plants are completed in Canada and the US.
Russia and Central Asia: Russia developing a number of petrochemical
0 alongside gas projects, which is already impacting export availability.
2010 2015 2020 2025 2030 2035 2040
— Argus Consulting
LPG Copyright © 2021 Argus Media group.
illuminating the markets All rights reserved1 Global scene-setting: Supply, demand, trade
2 Africa: Market context and outlook
3 Conclusions
4 LPG pricing in Africa
LPG Copyright © 2021 Argus Media group. 10
illuminating the markets All rights reservedAfrica is really two markets: a small number of large markets in the north…
▪ North Africa includes: Morocco, Algeria, Tunisia,
North African LPG supply / demand balance, 2010-2040 Libya, and Egypt
14,000
▪ All of these countries, with the exception of
Morocco, produces LPG with Egypt and Algeria
12,000
producing significant volumes
▪ These are also all large consuming markets with
10,000
the highest level of residential demand per
capita of any region in the world
8,000
▪ In Morocco, residential demand stands
at 66kg per person
▪ In Egypt, where per capita consumption
6,000 is the lowest, it still stands at over 28kg
per person
4,000
▪ The region is a major source of exports,
primarily sending volumes across the
Mediterranean into Italy, France, and Turkey
2,000
0
2010 2015 2020 2025 2030 2035 2040
North African supply North African demand North African balance
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 11
illuminating the markets All rights reserved…And a large number of much smaller markets in sub-Saharan African
▪ Key producers in sub-Saharan Africa include
Sub-Saharan Africa LPG supply / demand balance, 2010-2040 Nigeria, Angola, South Africa, and Sudan
10,000
▪ Nearly 60pc of the region’s production is from
Nigeria’s gas processing plants
8,000
▪ The most significant addition to supply is
forecast to come from the completion of
6,000
Nigeria’s Dangote refinery and Angola’s gas
sector
4,000
▪ Whilst production is relatively concentrated in a
few countries, demand in the region is wide
2,000 spread
0
▪ Nigeria has the highest level of demand, but
represents just over 20pc of the region’s total
consumption
-2,000
▪ Whilst our forecast assumes growth in the
country’s residential sector over the forecast
-4,000 period, we note that there is significant upside
2010 2015 2020 2025 2030 2035 2040 to this forecast. This is explored in a later
Sub-Saharan Africa supply Sub-Saharan Africa demand Sub-Saharan Africa balance section of this report
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 12
illuminating the markets All rights reservedPer capita usage looks quite different between the two regions
Per capita usage in Africa, 2020 (Est.) ▪ LPG is used in the residential sector much more intensely in some parts of Africa versus other parts
▪ In Morocco, per capita usage exceeds 60kg per person. A number of factors support this high usage:
▪ The fuel is subsidized
▪ There is sufficient infrastructure to import the fuel and distribute it
▪ The population has infrastructure at home to use the fuel
▪ In many other African markets, residential usage is far lower
▪ In Ethiopia, Tanzania, and Uganda, with a combined population of 200mn, per capita usage is less than
1.5kg/person
▪ In a number of markets, the government and private enterprise is supporting the development of the
residential market
▪ If these efforts are successful, then there is significant upside to the demand outlook
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 13
illuminating the markets All rights reservedWhat holds residential demand for LPG back?
High prices
• The main alternative to LPG is firewood which can be purchased in small amounts, enough for one day, and requires no special infrastructure to burn. LPG
cylinders cost more as consumers need to buy several days worth of gas at once. In some markets you need to buy your own cylinder to fill or pay a deposit to
take one
• Subsidies are used in some countries to lower the price to consumers and/or make them more stable than the would otherwise be. In Morocco, for example,
prices are fixed at 3,333MAD (approximately $370 in March 2021) regardless of the price paid by importers. This can strain national budgets
Infrastructure to import
• Infrastructure to import LPG is limited in most parts of the continent, but in sub-Saharan Africa in particular
• In Morocco, the African market with the most well-developed infrastructure 240,000t of storage supports 2.7mn t of demand annually
• The lack of infrastructure impedes market development as it means importers cannot buy opportunistically, they are limited to buying on smaller ships, and
the supply chain is less secure if, for example, companies cannot store much stock and a ship is delayed coming in
Infrastructure to distribute
• Inland distribution is a further problem as the limited infrastructure for LPG tends to be concentrated on the coast and in large cities
• In Morocco, there are 30-40 filling plants in operation and facilities are available outside of the largest cities; in Kenya, filling plants are limited to urban areas
of Mombasa, Nairobi, Kisumu, and Eldoret
Infrastructure in the home
• The cost of a gas stove can be prohibitive. One study found the cost of the stove and canister was equal to half the average monthly income in Tanzania,
presenting a significant obstacle to take up
• In a number of markets, companies are experimenting with providing the canister & stove for a small deposit and then charging consumers for gas usage on an
ongoing basis (pay-as-you-go). This helps get around the initial hurdle of needing to buy a canister, fuel, and stove before a household is able to cook one
meals. Internet-of-things and mobile payments make this possible
LPG Copyright © 2021 Argus Media group. 14
illuminating the markets All rights reservedFurther investment in Africa’s LPG storage capacity would support market
growth
New and under development terminals in Africa There are a number of new terminals recently opened or soon to open in Africa.
Further investment is needed to improve the continent’s security of supply and lower prices by
allowing importers to buy larger cargos and take advantages of price swings.
Nigeria
▪ 2020: 8,400t facility at Apapa port and 8,000t at Ijegun (both Lagos- area)
▪ 2021: 5,000t in Lagos and 6,000t in Delta region
Ivory Coast
▪ 2021/2022: Two-phase project adding 12kt of storage in Abidjan
South Africa
▪ 2020: 22,600t at Richard’s Bay
Note: Project list is not exhaustive
LPG Copyright © 2021 Argus Media group. 15
illuminating the markets All rights reservedIf market potential is unlocked, demand would be substantial
Nigeria demand if per capita increased to average of North Africa, mn t ▪ In 2020, the per capita average of LPG use of North African
14 countries was just over 40kg per person
14
Demand actual ▪ Egypt represents the low at 28.4kg/person and Morocco has
13 Demand forecast under current assumptions the highest per capita usage at 66kg
12 Demand forecast on path to North Africa average
▪ The graph on the left shows Argus’ current demand forecast versus
11 a scenario in which Nigeria’s demand gradually reached the average
level of North Africa
10 10
Government has ▪ Based on Nigeria’s high population growth and a near 8-fold
9 announced ambitions for increase of per capita usage, this would lead to a market size
8 market size of 5mn t by approaching 14mn t/yr by 2040
2030
7 ▪ Such a market would require significant investment and alter global
6 trading patters
6
▪ Investment would be required in import terminals, storage,
5 bottling plants, and cylinders
▪ The country would need to build capacity at the port to
4 3 handle much larger ships including VLGCs
3
3 3 ▪ Government regulation would be required to guarantee
2 things such as cylinder certification
2 2 ▪ Trade patterns would emerge with this market likely being
1 served by North American supply
1 ▪ As security in the region is also an issue, then this would
0 0
0 also need to be addressed before such a market would
2010 2015 2020 2025 2030 2035 2040 develop
— Argus Consulting
LPG Copyright © 2021 Argus Media group. 16
illuminating the markets All rights reservedWhere would the supply needed to meet this demand come from?
▸ Continued investment in the
▸ Already major exporter with upstream
significant investment in ▸ More volumes available for
export terminals and logistics export
▸ Falling demand in local ▸ Traditionally a supplier into
market Europe, now expanding routes
▸ Volumes available for export into Asia
forecast to increase
▸ Lots of competition for
exports: can serve Asia, Africa,
Europe, and Latin America
▸ The expected windown of OPEC restraint
should see higher levels of production in short-
term
▸ Long-term supply growth based on high
levels of reserves, low cost of production and a
desire to get the molecules out of the ground
and on to the market
▸ Increased demand from petchem sector
▸ More volumes available for export
LPG Copyright © 2021 Argus Media group. 17
illuminating the markets All rights reservedUS exports to Africa have been increasing
LPG flows from the US into Africa, 2019 to 2020
Some falls in export volumes as well:
▸ Togo
▸ Egypt
US exports to Morocco: ▸ Ghana
Increased from 705kt to 744kt
US exports to Senegal:
Increased from 32kt to 175kt
US exports to Nigeria:
Increased from 181kt to 358kt US exports to Tanzania:
Increased from 0kt to 340kt
US exports to Kenya:
Increased from 37kt to 177kt
US exports to South Africa:
Increased from 139kt to 309kt
Note: GTT; Argus Consulting
LPG Copyright © 2021 Argus Media group. 18
illuminating the markets All rights reserved1 Global scene-setting: Supply, demand, trade
2 Africa: Market context and outlook
3 Conclusions
4 LPG pricing in Africa
LPG Copyright © 2021 Argus Media group. 19
illuminating the markets All rights reservedLooking forward
Outlook ▪ Factors to watch
▪ Demand in 2020 faced a variety of differing forces: ▪ Plans to unlock the factors along the supply chain which hold back
▪ Demand for LPG fell in the industrial, commercial, and growth:
transport sectors as countries dealt with months of lockdowns ▪ Import terminals
and lowered economic activity ▪ Bottling plants
▪ Petrochemical demand was higher in a number of countries, ▪ Distribution networks
despite LPG’s relative high price ▪ In-home hardware
▪ Residential demand expanded across the globe
▪ Developments in potential sources of supply
▪ Production in the US is quite responsive to market prices and
▪ Markets in Africa continued to grow through this period of tumult sentiment
with Nigeria topping 1mn t of demand for the first time ▪ Decisions by OPEC/OPEC+ to restrain production
▪ Investment appetite in Russia
▪ A number of infrastructure projects have been commissioned or will ▪ Developments within Africa may also widen the sources of
soon be supply
▪ If government and private-sector plans to foster broader, deeper ▪ Consumers competing for these sources are numerous but some of
penetration of LPG come to pass, market growth would be the most important are China's PDH and ethylene plants; in Europe,
significant the electrification of the transport network could free volumes
currently being consumed there
▪ This market growth would support further investment in
infrastructure
LPG Copyright © 2021 Argus Media group. 20
illuminating the markets All rights reserved1 Global scene-setting: Supply, demand, trade
2 Africa: Market context and outlook
3 Conclusions
4 LPG pricing in Africa
LPG Copyright © 2021 Argus Media group. 21
illuminating the markets All rights reservedLPG trade - Africa sits amid the key flows
Copyright © 2021 Argus Media group. All rights reserved.African LPG prices
• Combining source market prices and freight
• Intended to reflect real-world costs
• Forerunners to trade-based indices
Copyright © 2021 Argus Media group. All rights reserved.Africa LPG indexes – sources and destinations
ARA
Houston
Ras Tanura
Argus West Africa
Propane & Butane
Indexes, Lagos
Argus East Africa
LPG Index,
Mombasa
Argus South
Africa LPG Index, Copyright © 2021 Argus Media group. All rights reserved.
Richards BayFinal thoughts
• LPG consumption is growing strongly in Africa, bringing health,
environmental and economic benefits. Fair and transparent
pricing is key to sustaining this trend.
• Traditional pricing structures based on the Middle East are a
reasonable import parity proxy, but nowadays product is coming
from further afield – particularly the US.
• Argus is keen to develop trade-based indexes for Africa’s regional
markets – please contact us if you wish to discuss in more detail.
Copyright © 2021 Argus Media group. All rights reserved.Argus LPG Consulting Argus Market Reporting
Kristen Mueller James Gooder
Principal, Argus Consulting VP Crude & African Markets
Kristen.Mueller@argusmedia.com James.Gooder@argusmedia.com
Registered office Trademark notice Publisher Customer support and sales
Lacon House, 84 Theobald’s Road, London, WC1X 8NL ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS Technical Adrian Binks
Tel: +44 20 7780 4200 Grade Urea Analytics, other ARGUS publication titles and Technical queries
Email: sales@argusmedia.com ARGUS index names are trademarks of Argus Media Chief operating officer technicalsupport@argusmedia.com
Limited. Matthew Burkley All other queries
ISSN: 2732-4427 Visit ww.argusmedia.com/Ft/trademarks for support@argusmedia.com
more information. Global compliance officer
Copyright notice Jeffrey Amos
London, UK Tel: +44 20 7780 4200
Copyright © 2021 Argus Media group Disclaimer
All rights reserved The data and other information published herein Commercial manager Astana, Kazakhstan Tel: + 7 7172 72 92 94
All intellectual property rights in this publication and the (the “Data”) are provided on an “as is” basis. Jo Loudiadis Beijing, China Tel: +86 10 8535 7688
information pub herein are the exclusive property of Argus Argus and its licensors (including exchanges) Dubai Tel: +971 4434 5112
and/or its licensors (including exchanges) and may only be make no warranties, express or implied, as to the accuracy, Editor in chief
Houston, US Tel: +1 713 968 0000
used under license from Argus. Without limited the adequacy, timeliness, or completeness Jim Washer
foregoing, by accessing this publication you agree that you of the Data or fitness for any particular purpose. Moscow, Russia Tel: +7 495 933 7571
will not copy or reproduce or use any part of its contents Argus and its licensors (including exchanges) shall Managing editor New York, US Tel: +1 646 376 6130
(including, but not limited to, single prices or any other not be liable for any loss, claims or damage arising from any Andrew Bonnington Sao Paulo, Brazil Tel: +55 11 3235 2700
individual items of data) in any form or for any purpose party’s reliance on the Data and disclaim Singapore Tel: +65 6496 9966
whatsoever except under valid licence any and all liability related to or arising out of use Consulting Services, SVP
from Argus. Further, your access to and use of data from of the Data to the full extent permissible by law. Lloyd Thomas Tokyo, Japan Tel: +81 3 3561 1805
exchanges may be subject to additional fees and/or
execution of a separate agreement, whether directly with All personal contact information is held and used in
the exchanges or through Argus. accordance with Argus Media's Privacy Policy
https://www.argusmedia.com/en/privacy-policy
LPG Copyright © 2021 Argus Media group. 26
illuminating the markets All rights reservedYou can also read
