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Increasing demand for petrochemicals in the emerging economies makes the growth prospects bright for the industry.
Strong global demand for oil and gas will shift in the next five years towards petrochemicals and away from motor fuels gasoline and diesel, the International Energy Agency (IEA) said on Monday.
Petrochemical plant in Saudi Arabia. Petrochemicals (sometimes abbreviated as petchems [1]) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as maize, palm fruit or sugar cane.
Petroleum products are materials derived from crude oil as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels. [2]
Petrochemical feedstock contributes to 12% of global oil demand, a share that is anticipated to grow due to increasing demand for plastics, fertilizers, and other products. The market for ...
Although the US was the world's largest net importer of refined petroleum products as recently as 2008, the US became a net exporter in 2010, and in 2014 was the largest exporter and the largest net exporter of refined petroleum. [3] As of January 2019, there were 135 operating refineries in the US, distributed among 30 states. [4]
The combustion of fossil fuels produces greenhouse gases and other air pollutants as by-products. Pollutants include nitrogen oxides, sulphur dioxide, volatile organic compounds and heavy metals. Researchers have discovered that the petrochemical industry can produce ground-level ozone pollution at higher amounts in winter than in summer. [45]
The company engages in refining crude oil into petroleum and petrochemical products. Its midstream segment focuses on the transportation and marketing of natural gas and natural gas liquids (NGLs ...