Petrochemicals

Investments in the development of the Turkish petrochemical complex Petkim Petrokimya Holding in 2022 reached 4.108 billion Turkish lira, or $214.6 million, the holding said. SOCAR Turkey Enerji, the Turkish subsidiary of the State Oil Company of Azerbaijan, SOCAR, is the owner of a 51% controlling stake in the Petkim …

China’s petrochemical industry saw an increase in revenues and a decline in profits in 2022, according to the China Petroleum and Chemical Industry Federation (CPCIF). The country’s petrochemical industry registered a total revenue of 16.56 trillion yuan (about 2.41 trillion U.S. dollars) in 2022, climbing 14.4 percent year on year, …

India, whose per capita consumption is significantly lower than that of developed economies, will contribute 10 per cent of the incremental growth of global petrochemical demand, Oil Minister Hardeep Singh Puri has said. Petrochemicals, which turn oil and gas into all sorts of daily products — such as plastics, fertilisers, …

Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City. The MoU is valid …

Sabic, a global leader in diversified chemicals, has announced its intention to study the establishment of a complex to convert oil and liquids into petrochemicals in Ras Al-Khair in the Kingdom of Saudi Arabia. The complex is expected to convert 400,000 barrels per day of oil into chemicals. This project, …

The National Oil Corporation (NOC) has given the green light to restart the ethylene plant, the largest station for producing petrochemicals in North Africa, after a hiatus of more than eight years. “The NOC Chairman and board members praise the efforts of the company’s management and employees to restart this …

Saudi Aramco announced its biggest ever investment in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate. In a statement received by Argaam Aramco said, the SAR 26 billion ($7 billion) Shaheen project aims to convert crude oil into petrochemical feedstock. This …

The petrochemical facility in Ras Laffan, a collaboration between QatarEnergy and Chevron will comprise an ethane cracker that will produce 1.9m tonne of ethylene per year, an 82 percent output increase making it the biggest of its kind in the region and one of the largest in the world when …

Asian petrochemical markets are in a jam, with price bearishness across the board as recession risks continue to mount. Elevated concerns on the economic front, from the fallout of the Russia-Ukraine conflict and sanctions on Russia, plus fears of upward spiralling inflation continue to weigh on sentiment. The increase in …

As countries around the globe are setting ambitious targets to reduce their dependency on fossil fuels, many will remain reliant on oil and gas for petrochemical production for decades to come. However, the decarbonization of oil and gas operations may well become key to the success of the industry, as …