This final installment of the History of the HPI series details major events in the refining and petrochemicals industry over the past 20 yr, including stricter regulations/initiatives to curb carbon emissions, a safer and more environmentally friendly way to produce and handle chemicals, significant capital investments to boost production capacity and digital transformation.
Much like several initiatives passed in the 1970s and 1980s, the 1990s were a decade heavily focused on environmental issues, with many new regulations being enacted to not only mitigate industrial and vehicle emissions but also to advance the production of clean fuels globally.
Dow and the Al-Hejailan Group signed an MoU to form a joint venture to design, build and operate a methyl diethanolamine plant in the PlasChem Park in Saudi Arabia.
Advanced Petrochemical Company, based in Saudi Arabia, said that one of its subsidiary, Advanced Polyolefins Industry Company has signed several agreements worth $1.6 B to fund the construction of plants at Jubail Industrial City II.
In 1H 2022, new capital projects have declined 19% vs. 1H 2021.
The move to combine the businesses is expected to give potential investors a better sense of the scale of Aramco's trading and would also allow the state oil producer to simplify financial reporting and cut duplication.
Iran and Venezuela, oil producers grappling with crippling U.S. sanctions, signed a 20-year cooperation plan in Tehran, with the Islamic Republic's supreme leader saying the allies would continue to resist pressure from Washington.
Over the past several years, the hydrocarbon processing industry (HPI) has been engaged in a whirlwind of peaks and valleys.
The 1970s were marked by several historical events that affected not only the hydrocarbon processing industry (HPI) but nations around the world.
Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the United States and Brazil to smaller countries like war-ravaged Ukraine and Sri Lanka.