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Global Chemicals Quick Review
The global bio-based lubricants market will grow rapidly over the next five years
Klein said in the latest "Bio-based Lubricants Market Analysis and Opportunities" research report that the global bio-based lubricants market is estimated to be 250,000~300,000 tons in 2016, and the compound annual growth rate of the global bio-based lubricants market will reach 5%
in the next five years.
This is mainly stimulated
by factors such as the increased availability of high-quality bio-based base oils.
Sharbel Luzuriaga, project manager of Klein Energy Practice, said: "In an environment of weak overall growth in the finished lubricants market, the growth rate of the bio-based lubricants market is very strong
.
Growing supply and demand forces and market dynamics are stimulating the global demand
for bio-based lubricants.
Supply-side drivers include the increased availability of high-quality bio-based base stocks and the favorable impact
of public opinion and regulations.
”
Petronas invested $100 billion in production expansion
Over the next five years, Abu Dhabi National Oil Company (Adnoc) plans to invest 400 billion UAE dirhams ($109 billion) to boost oil and gas production and increase downstream activities
.
The company's new investment plan has been approved
by the Supreme Energy Council (SPC).
According to Arguoyou, the new strategy aims to liberate, create and maximize the value
of upstream and downstream businesses.
To boost gas production, the company plans to focus on tight reservoir exploration and potential monomer reservoir assessment, develop unconventional resources, and expand sour natural gas production
.
In addition, Argola Oil also said that it will continue to invest in high-tech fields such as artificial intelligence and data analysis to further maximize
the value of upstream and downstream businesses.
The company has announced some IPO plans to sell at least 10%~20% (1.
25 billion ~ 2.
5 billion shares)
of Abu Dhabi National Oil Retail.
Saudi Aramco and SABIC propose petrochemical consortium project
On November 26, Saudi Aramco and SABIC signed a memorandum of understanding in Dhahran to build a $20 billion crude oil-to-chemical complex in Saudi Arabia
.
The project is called the world's largest crude oil-to-chemical facility
by both partners.
Its establishment shows that the Saudi Arabian government plans to invest huge sums of money to diversify the economy
beyond the country's crude oil exports.
Investment by private companies has slowed
over the past few years due to low oil prices and the Saudi government's austerity policies.
As a result, the Saudi Arabian government intends to invest billions of dollars to develop value-added manufacturing such as chemicals and services such
as tourism.
Saudi Aramco CEO Amin Nasser said, "The final investment decision to continue this crude to chemical project will be made
by the end of 2019.
Saudi Aramco has tentatively selected Yanbu, a Red Sea port city, as the location
for the project.
”
U.
S.
chemical production will continue to grow in the coming years
According to the American Chemistry Council (ACC), U.
S
.
chemical production increased in 2017 compared with 2016 and will continue to grow in the next three years.
Kevin Swift, chief economist at ACC, said: "The US chemical industry is on the rise, the manufacturing industry has reached an inflection point, business investment is increasing, and domestic oil and gas production is picking up
.
All of this sets the stage
for growth, expansion and capital investment.
ACC said that in 2017, U.
S.
chemical production is expected to increase by 0.
8% year-on-year, and the growth rate in 2018, 2019 and 2020 will reach 3.
7%, 3.
9% and 3%
respectively.
For basic chemicals, U.
S.
production in 2017 was flat compared to 2016, with growth of 4.
7% in 2018 and a further increase to 5.
2%
in 2019.
For specialty chemicals, production increased by 3% in 2017 and will fall back to 2.
3%
in 2018.
Currently, the specialty chemicals industry is benefiting
from the recovery of the oilfield chemicals, adhesives and electronic chemicals industries.
