Advance process control (APC) technology has become an industry standard for petrochemicals and chemicals companies, owing to its ability to improve the overall management of a refinery, says process and operations management solutions provider BluESP chief engineer Dr Kevin Brooks. Please try again later. Petrochemical industry leaders and financial investors need to update their strategic agendas and focus on recovery scenarios, regionalized supply chains, and capital productivity. Petrochemicals. Date. Companies have not been concerned about the impact this new capacity would have on the industry’s supply-demand balance, because they knew they were investing with such decisively low costs that they would be far below the marginal cost of production. Indian Chemical News is an important online resource for news, views, analysis, trends, technology updates and interviews with prominent leaders in the chemical and petrochemical space. The fuel and petrochemical industries have a long history of building strong cultures around environment, safety and community relations – and companies can use that experience to make cultural adaptation one of the core pillars of digital transformation. The petrochemical industry has ridden high on emerging-market demand growth since the start of the century, just like producers of metals and other commodities. ... then it will be a major breakthrough for the industry. NOCs are likely to be well positioned here, combining their financial strength to fund new technology development with their need to tap into the relatively high-growth petrochemical market. The Future of Petrochemicals introduces a scenario that outlines an alternative path for the chemical sector that helps achieve several UN Sustainable Development Goals. The University of Canterbury Chemical and Process Engineering lecturer Dr. Matthew Cowan said, “This technology is a process which will decrease the cost of separating materials from the waste in order for those products to be recovered efficiently. The largest projects to be implemented in the petrochemical industry in the next few years are SIBUR’s Amur Gas Chemical Complex, the Ust-Luga complex to process ethane-containing gas and produce LNG, which is being implemented by Gazprom and project operator RusKhimAlyans, the Irkutsk Polymer Plant construction project of the Irkutsk Oil Company, and the construction of a new olefin … The contract is for a new petrochemical complex in Oman with multiple units, including the largest NGL-MAXSM natural gas liquids (NGL) … OQ Chemicals (formerly Oxea) has entered into an agreement to license its advanced proprietary technology for the production of ethylene and propylene derivatives to Duqm Refinery and Petrochemicals Industries Company (DRPIC) in Oman. Petrochemicals Sasol starts up last piece of Lake Charles . In a remarkable milestone, the Duqm Refinery and Petrochemical Industries Company (DRPIC), Duqm Petrochemical Project announced the award of 12 technology license packages to international technology providers, advancing the Front End Engineering and Design progress towards achieving shareholders’ Final Investment Decision (FID) in 2021. 16-11-2020. This will include using digital and advanced analytics to reach a new level of productivity, and attaining higher capital productivity on the industry’s large-scale projects. To thrive in the next decade, petrochemical companies will need to move beyond advantaged feedstock and emerging markets, and focus on a broader set of strategic priorities (Exhibit 4). Digital upends old models. how a new technology interacts with other components of the industry is a crucial component in process development. tab, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. tab. A new partnership has been formed by Siemens Energy and Linde Engineering to decarbonise the petrochemical industry. Indian Chemical News is a media company with interests in online publishing and industry events related to the chemical and allied sectors. The petrochemical industry is both driven by fundamental raw material and product supply-demand factors, and enabled by technologies that open the road to these drivers. He tells Engineering News that APC is a software technology comprising a set of tools and techniques that … Reinvent your business. We expect deeper integration between refining and petrochemicals to emerge in response, and larger-scale future investments to become fully integrated refining and olefins sites, or even crude-to-chemicals units, and not just colocated refining and petrochemical plants. Last day 1 week 1 month all. We also see efficiency improvements through digitization of work processes, which can at the same time help improve safety performance. The Future of Petrochemicals introduces a scenario that outlines an alternative path for the chemical sector that helps achieve several UN Sustainable Development Goals. In the past three years, petrochemical companies worldwide have been showing buoyant margins, as healthy demand growth, particularly from Asia, has led to high operating rates, especially in the ethylene and C2 derivatives chain and propylene and C3 derivatives chain. Based on these projections, petrochemicals could be responsible for 70 percent of new oil-demand growth. In last decade, China has developed coal based petrochemical facilities and the economics of these facilities is more attractive as compared to crude oil based feedstock. Emerging-market-based companies have risen as leaders in the industry, and companies in locations with access to cheap gas have earned the majority of profits. Duqm Refinery and Petrochemical Industries Company (DRPIC) selects UNIPOL™ PE Technology. There is also likely to be greater industry margin volatility, because the industry’s steeper cost curve resulting from these trends would mean that outages and small shifts in the demand-supply balance would have greater impact on prices and therefore margins (Exhibit 5). Companies in fast-growing emerging markets such as China have thrived. Using advanced analytics to boost productivity and profitability in chemical manufacturing, higher demand-growth promise that petrochemicals hold. For instance, the average plastics content in an automobile still stands below 10%, 9 which offers an opportunity to incorporate more … Companies will likely have to take a more disciplined approach to capacity additions, returns may be more modest, and all petrochemical players will need to work much harder on core capabilities and strategy. Below the surface of the record profits petrochemical companies have been reporting over the past few years, the industry is in a period of profound transition. According to a new study by the University of Canterbury (UC), measuring white blood cell generated antioxidant chemicals is essential to monitor inflammation and... Menaquinone (vitamin K2) plays a vital role in energy generation and environmental adaptation in many bacteria, including the human pathogen Mycobacterium tuberculosis (Mtb). The recycling of waste products from these chemical reactions in order to recycle them will create economic benefits for an international market with potential for engineering and operational jobs.”, “This solution can integrate into existing chemical plant structures with minimal disruption to plant operations, which could create extra jobs for engineers as well as operators.”. Regardless, the petrochemical industry must find a way to redefine its business models. News. New Technology. There are big plans for more of them in Appalachia, but some wonder if the pandemic will crush them. The publication focuses on machines, technology, automation and components for the oil & gas and petrochemical industry, and it’s organized into product categories. As the advantaged-feedstock window of opportunity is closing, petrochemical companies should step up their efforts to search elsewhere for ways to boost profitability and improve returns. Petrochemical industry ... please click Forgot Password link to receive a new request for Password reset. However, investment costs measured in terms of capital expenditures per ton of chemicals output are creeping up. Looking ahead to 2030, slower demand growth in emerging economies and less abundant advantaged feedstocks are likely to undermine these value-creation strategies. Flip the odds. Companies bringing a strong position in one or more of these areas will have a better negotiating position relative to the few remaining opportunities in coming years. As gas became the feedstock of choice for petrochemicals, many producers have all but severed the historic ties between refining and petrochemicals. Mechanical plastics recycling refers to mechanical processes such as separating and regranulating to produce recycled material that can be converted into new products. Catalysis. Next-Generation Coatings for the Petrochemical-Chemical Industries Overview. This advantage was most pronounced during the period of high crude oil prices that ended in 2014, and has predominantly benefitted the C1 derivatives chain and C2 chain, and to a lesser extent the C3 chain. The two companies will leverage their … Dr. Cowan, a Rutherford postdoctoral fellow, was recently awarded a $20,000 grant from Innovation Jumpstart 2018 to transform his ideas and research into commercial reality, as well as $35,000 worth of practical services and support from technology incubator and early-stage investor, WNT Ventures. We estimate that the last decade’s 3.6 percent growth rate for global petrochemicals demand may slow to 2.0 percent to 3.0 percent through 2030. Popular. New petrochemical project announcements have been on the rise - a year-over-year increase of 30-40% in recent years. The push across society for a more circular approach is real, in particular with respect to managing the waste streams. 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