Released June 10, 2021 | BEIJING
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Many refineries are embracing a philosophy of "less fuel, more chemicals" as the demand for fossil fuels shrinks. Upgrades can enable refineries to produce products such as olefins or aromatics.
PetroChina is firmly embracing this strategy, striving to increase high value-added chemical products. PetroChina hopes to achieve net-zero emissions by 2050, and it's not the only company focusing on transformation. In 2021, Sinopec (NYSE:SNP) (Beijing) and LyondellBasell (NYSE:LYB) (Houston, Texas) formed a joint venture to build propylene oxide and styrene monomer units in Ningbo to expand chemical products capacity. Many smaller refiners also are heading in this direction, including Jingbo Petrochemical, Dongming Petrochemical, LuQing, JinCheng, Huifeng, Fuhai and Hongrun.
Industrial Info is tracking 90 capital chemical-processing projects under PetroChina and Sinopec, valued at more than $25 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Database can click here for a list.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
PetroChina is firmly embracing this strategy, striving to increase high value-added chemical products. PetroChina hopes to achieve net-zero emissions by 2050, and it's not the only company focusing on transformation. In 2021, Sinopec (NYSE:SNP) (Beijing) and LyondellBasell (NYSE:LYB) (Houston, Texas) formed a joint venture to build propylene oxide and styrene monomer units in Ningbo to expand chemical products capacity. Many smaller refiners also are heading in this direction, including Jingbo Petrochemical, Dongming Petrochemical, LuQing, JinCheng, Huifeng, Fuhai and Hongrun.
Industrial Info is tracking 90 capital chemical-processing projects under PetroChina and Sinopec, valued at more than $25 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Database can click here for a list.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
