According to Hydrocarbon Processing’s Construction Boxscore Database and HPI Market Data 2018, total capital expenditures (CAPEX) in the global petrochemical sector are more than $440 B.
The first petrochemical-based production of ethylene occurred nearly a century ago. Since then, the industry has undergone a momentous evolution.
This issue of Hydrocarbon Processing is devoted primarily to the topic of petrochemicals; and rightly so.
According to Hydrocarbon Processing's HPI Market Data 2018,’ total capital expenditures (CAPEX) are expected to reach $144 B in 2018.
Although the refining industry is expected to add more than 7 MMbpd of new distillation capacity by the early 2020s, the global refining industry will witness a boost in secondary processing capacity, as well.
Without a doubt, digitalization is the engine fueling the growing adoption of operational excellence (OE) in hazardous industries.
Consumers are continuously looking for healthier, safer and more environmentally sustainable products.
Russian fuel producers aim to ensure regular supplies of oil products to both the domestic market and foreign importers in the coming years by building new refineries and modernizing existing plants across the country.
According to multiple industry reports, crude oil consumption will continue to increase over the short term.