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Pandemic impact accelerates refinery shift from petrochemicals to renewables

 Last Update: 2022-08-25
 Source: Internet
 Author: User

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The outbreak has increased the number of refinery-related renewable energy projects, while causing delays and cancellations of traditional petrochemical projects, according to an analyst at ICIS

Refiners are now questioning the need to invest in large petrochemical projects as the lockdowns have led to a rapid drop in demand for transportation fuels as the recycling and sustainability agenda continues to accelerate during the pandemic

Michael Connolly, senior advisor to ICIS’s global refining team, said: “The pandemic has accelerated the pace of decision-making

He noted that there have been multiple cancellations and delays in petrochemical projects this year

The pressure on petrochemicals from recycling and the circular economy has raised concerns about these huge investments, which are preventing some refiners from making the final decision to transition from traditional petroleum products to petrochemicals

Many refiners have refocused on petrochemicals as a source of future growth amid forecast declines in demand for transportation fuels

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