So we think that actually is likely to happen and we also think new Iranian supply after winter would be a logical place for a lot of that to supply into. So we look at the olefins market and say, yes, it’s been under pressure. But we think MTO has been competitive to naphtha and there is a likelihood we see more. We have to wait and see. So hopefully that answers some of the questions on demand and we can revisit that. Maybe I’ll switch over to China capacity and when we look forward, we’re seeing maybe about 1.5 million tons to 2 million tons of new capacity in China this year. We also will net that off of — most of that’s coming from cooking gas. When that off and also the fact that there is a continued shutdown of smaller inefficient plants in China, so call it 1.5 million tons, which is not that meaningful, when you look at overall demand and overall demand growth.
So maybe I’ll stop there and see if you have any follow-up questions.
Ben Isaacson: Yes. No, that’s perfect. And then just a quick one on the cost curve. I was very surprised that through China’s lockdown last year, we didn’t really see that thermal coal price drop a lot and so the methanol — the marginal cost of methanol held in really well. And now in 2023, we’re going to see China is starting to reopen. What is the downside to that core price if any? I mean, it seems like the cost curve has a lot of support either where it is or potentially higher. Do you know — do you have an idea what could derail the cost curve in ’23?
Rich Sumner: It’s hard to see in a high energy price environment. China is importing a lot of energy, LNG and oil and coal production, they had a real difficult time increasing coal supply through the last year. We understand that that’s partially on the back of labor and COVID restrictions, getting people to mine. So the — some of that could free up, but we also understand a lot of these mines are quite. I’ve already been mine quite deep and going any further causes safety concerns and other factors. And it’s not easy to invest in a large scale mine, it takes time to bring production on. So we kind of forecast though and I think there’s likely type coal markets. It does seem like China might be trying to open up more imports, talk about lifting the ban on Australian coal imports, but imports into China represents between 5% and 10% of overall thermal coal demand. So it’s hard to see that being a major swing in the coal pricing. So hopefully that helps.
Ben Isaacson: That’s great, thanks so much.
Operator: Your next question comes from the line of Steve Hansen with Raymond James. Please go ahead.
Steve Hansen: Yes, good morning guys. Appreciate the time. Just a quick clarification question on the discount rate. Rich, I think you referenced the ’23 rate as being similar to what we saw in the fourth quarter. I just wanted to clarify some of your opening remarks.
Rich Sumner: Yes, that’s correct Steve. We’re guiding to 21% for 2022.
Steve Hansen: Perfect. Thank you. Appreciate that. And then just a follow-up on Joel’s question earlier around some of the production basins. I just wanted to clarify a bit more in New Zealand. I think the guidance relatively flattish on the year, but just curious, because you didn’t have a couple of large turnarounds, are there was a turnaround in the period last year? And so, is there just — is it a conservative guidance that we can get an uplift this year or is it just the gas supply, just trying to reconcile the two?
Rich Sumner: No, it’s similar to last — the gas profile similar to last year.
