While the U.S. cracker wave on the back of the shale gas boom is getting much of the attention, big oil and gas players in the Middle East are lining up megaprojects that could shift the landscape of global petrochemicals from 2025 and beyond.
Driving this push from oil companies is the growing realization that oil demand for transportation fuel will plateau with the electrification of vehicles and improving fuel efficiency.
Thus, the future for hydrocarbons is not in gasoline and diesel but in chemicals, where demand should continue to climb alongside GDP growth.
And it’s clear that “Big Oil” is no longer satisfied simply providing feedstock for the downstream chemical sector.
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