Shift towards Electric Vehicles and the Impact on the Chemical Industry

A new wave of record-breaking sized cracker projects based on technologies such as crude oil to chemicals (COTC) signals the emergence of ‘supermajors’ who may dominate the industry.   

-          COTC produces huge volumes of low-cost chemicals

-          COTC being developed in Middle East, China, South Korea

-          “Supermajors” will harness low carbon technologies 

-          Options include electric furnaces, carbon capture and storage (CCS)

-          Cost-advantaged ethane projects springing up in Abu Dhabi, Qatar, North America

-          Disadvantaged regions such as Europe can invest in hydrogen, CCS, recycling, renewables