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Global Chemicals Quick Review
Global chemical production growth will accelerate in 2017
The American Chemistry Council (ACC) said in its 2016 Situation and Outlook Report that global chemical production may accelerate in 2017 after experiencing low growth in 2016
.
ACC expects US and global GDP to grow by 1.
6% and 2.
8%, respectively, in 2016, compared to 2.
2% and 3.
1%
in 2017.
Kevin Swift, chief economist at ACC, said U.
S.
chemical production (excluding pharmaceuticals) is expected to grow 1.
6 percent in 2016 and 3.
6 percent
in 2017.
Globally, growth will be 2.
1 percent in 2016 and accelerated to 2.
8 percent
in 2017.
India will revise its oil and gas policies to attract foreign investment
On December 5, Indian Prime Minister Narendra Modi pledged that the government would continue to work on revising oil and gas policies to streamline the process and provide greater incentives to make it more attractive to foreign and private investors and boost domestic production
.
Since the lifting of diesel price controls in October 2014, India has made good progress
on oil and gas policy.
Subsequently, the Indian government improved the LPG subsidy system to encourage the use of LPG to reduce the dependence
on subsidized kerosene.
In March 2016, India's federal cabinet approved a new pricing mechanism for gas development from "difficult" areas, a move aimed at stimulating gas production and reducing dependence on
expensive imported gas.
Areas where development is difficult are often defined as unexplored and unexplored hydrocarbon belts on the deep seabed with high temperatures and pressures, where the production of natural gas requires greater investment
.
In addition, since tapping newly discovered natural gas reserves is not feasible under the current pricing mechanism, the Indian government's move may help companies
such as Reliance Honesty and the Indian Oil and Gas Corporation (ONGC) that have discovered natural gas reserves in the deep or ultra-deep sea, but have not yet done so.
Global proven oil and gas reserves have declined
According to Oil & Gas Weekly's annual market outlook, global proven crude oil and natural gas reserves declined in 2016, reflecting continued declines in oil and gas prices that have slowed oil and gas drilling activity
.
According to the International Energy Agency (IEA), global investment in oil and gas fields will decline for two consecutive years, the longest decline in energy bills in nearly half a century
.
According to the IEA, global investment in oil and gas fields fell 25 percent to $583 billion in 2015 and could fall a further 24 percent to about
$450 billion in 2016.
The report estimates that proven reserves of crude oil and condensate have fallen to 1.
645 trillion barrels from 1.
655 trillion barrels surveyed last year, while proven reserves of natural gas have fallen to 6.
89 trillion cubic feet from 6.
94 trillion cubic feet
a year ago.
Among them, the decline in proven reserves of crude oil and natural gas in the western hemisphere accounts for a major part
.
Japan Petrochemical Industry converts ethylene plant raw materials
Petrochemical plants in Japan and other Asian countries usually use naphtha from crude oil as the main raw material, but the rapid increase in shale gas production in the United States has made naphtha less
competitive.
Chiba Chemical Manufacturing Joint Venture partners Mitsui Chemicals and Idemitsu Kosan have announced plans to convert feedstock
for their ethylene plant in Chiba, Japan.
Currently, the plant mainly uses naphtha as a raw material, and the company plans to use propane as a raw material to improve profitability
.
The feedstock conversion project is part of a competitiveness enhancement plan for Japan's petrochemical industry, primarily to address the challenge
of increased ethylene production from North America from cheap shale gas.
Chiba Chemical Manufacturing will convert half of the raw materials needed for its 374,000-ton ethylene production plant to propane
.
After the completion of the raw material structure conversion project, the processing capacity of propane raw materials of the device will increase by 3~4 times
compared with the current processing capacity.
