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Refining & Petrochemical in trouble-I: One trillion dollar makeover may be needed
Apr 05: For the global refining sector to stay profitable, the industry will need a twenty-first-century technology makeover.
8Making the shift against a dynamic backdrop of market, geopolitical, and social pressures on refiners will be even more difficult.
8Refiners will have to be conscious of fickle consumer preferences and changing product demands as they respond to disruptive innovations in all economic sectors.
8The changes on the ground are extremely dramatic.
8The wisdom of constructing new ethane plants in the United States, for example, is being questioned by some within the chemical industry itself, who are warning that a supply glut could depress ethylene prices.
8Moreover, swings in oil and gas prices, key determinants of the relative competitiveness of individual crackers, can wreck havoc on baseline economics
8Innovative ways of producing alternative products are already forcing refiners to go back to the drawing boards.
8A $ one trillion dollar makeover the refining sector will be needed for the current breed of refiners to stay on top
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