Global competitiveness biggest challenge facing petrochemical industry

The World Refining Association has conducted a survey of 173 companies working within the Central and Eastern European refining and petrochemical industry.

51.7% of survey respondents highlighted global competitiveness as the key challenge facing the industry.

One company elaborated on the issue: ‘The Central and Eastern European refining and petrochemical industry will need to adapt to potential new feedstocks and improve margins, in particular through integration and technology change’.

Refiners are additionally looking to implement energy efficiency solutions through consulting services.

33.3% agreed that improving energy efficiency in plants is the number one priority.

70.2% of refineries are introducing bottom of the barrel processing in order to increase capacity.

60% of petrochemical producers are currently developing their own technologies. One participant stated that ‘many business are setting up new plants to increase capacity’.

Adapted from press release by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/30072013/world_refining_association_survey_finds518/