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In 2019, the operation of world-scale crude oil-to-chemicals (COTC) projects has become a reality
The Hengli COTC project in Dalian, China is currently in operation.
Sasol's Lake Charles Petrochemical Project (LCCP) in Louisiana has a budget of US$4 billion higher than the original US$9 billion investment
The relationship between oil demand and supply is a key factor
Although oil growth is expected to slow down, tight oil in the United States is still the highlight of oil supply growth
The Asian petrochemical industry will continue to enjoy ample supply of light raw materials
According to OPEC’s World Oil Outlook report, petrochemicals will be the biggest driving force for long-term growth in oil demand, which is expected to increase from 13.
In these new generation of large-scale COTC projects, only companies with financial resources such as Saudi Aramco can make it happen
A US$3.
At the same time, Reliance Industries recently confirmed that it plans to invest US$9.
The world's chemical giants are also accelerating the pace of investment
On the other hand, with the wave of new petrochemical projects set off along the coast of the United States and Mexico, the voice of the community public against the development of the US chemical industry will increase in 2020
Wilma Subra, a Louisiana environmental scientist and community advocate, said: "The two hot issues are Cancer Alley and Pennsylvania
