Bob Patel, CEO, LyondellBasell will explore strategic issues that leaders will have to navigate as the chemical industry shifts from day-to-day operational and risk management, to planning for market recovery. Join the conversation in the first of the Chemical Executive Conversations by IHS Markit.
A boost in residential demand and lower LPG output from regional refineries is expected to drive up Latin America’s LPG imports this year despite a contraction of the region’s economies, Adrian Calcaneo, Director, midstream, and liquids said at the Latin American Petrochemical Summit session of IHS Markit’s live WPC Online Forum, earlier this year.
The world could retreat into increased isolationism as global solutions and organizations struggle in the battle against global challenges and nations face inwards, says Carlos Pascual, senior vice president/global energy & international affairs at IHS Markit, in his speech at WPC 2020 Online. “We are likely to see in the near-future a retreat to isolationism. That isolationism will have an impact throughout international institutions,” Pascual says.
Global energy markets are on the cusp of change as companies under pressure from diminishing returns, shareholder climate resolutions, and demand destruction are forced to adapt
The para-xylene (p-xylene) business has changed dramatically in the past year, with almost record-high margins turning sharply negative during the period, particularly in Asia. This has been caused by a slowdown in p-xylene demand growth linked to a weaker downstream polyester industry, and large p-xylene capacity additions in China in 2019, according to Duncan Clark, vice president/aromatics and fibers at IHS Markit.
The ability of petrochemical companies to raise funding is increasingly becoming tied to environmental, social, and governance (ESG) frameworks and reporting mechanisms. As these become the norm, companies must work together to develop sector-specific metrics, says Kevin Roy, vice president/research, and analysis at IHS Markit.
The standardization of plant design could deliver projects faster, and therefore at a lower cost, says David Gaertner, vice president/global petrochemical business at Schneider Electric. The adoption of standardization could enhance the positive impact modularization, and digital tools are already having on efficiencies and lowering capital costs.
ldquo;In light of developing circumstances, we regret to announce that it is necessary to cancel The World Petrochemical Conference 2020 scheduled to take place in New Orleans, on 24–27 March,” the company says in a statement on the WPC event website.
As waste management and sustainability issues take center stage in the policy debate, the spotlight is on the petrochemical and plastics industry, and the industry’s social license to operate. Stakeholders are collaborating and stepping up their efforts. They are supporting initiatives that improving waste collection value chains and reduce plastic leaking into the environment, as well as R&D activities developing more scalable recycling routes.
Latin American countries are increasingly dependent on US NGL exports, highlighting the region’s need to invest in infrastructure –import terminals as well as production capabilities.But as Asia absorbs higher volumes of US NGLs, Latin America’s consumers become more exposed to changes in global trade.
Several factors are putting a damper on the growth of Latin America’s petrochemical industry in the new decade-- slowing economic growth, policy uncertainty, as well as trade tensions. The region’s economic forecast is mixed, and regional governments have limited options to drive domestic/private demand.
The significant capacity additions scheduled for the United States over the coming years will translate to a substantial increase in US soda ash exports, strengthening its position as the net exporter,” says Marguerite Morrin, research director/inorganics at IHS Markit.
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