Plastics were supposed to be a lifeline for Big Oil.
Even before the coronavirus pandemic bottomed out demand for gasoline and jet fuel, the global transition toward climate-friendly energy and electric vehicles had hobbled their long-term outlook. Keen to diversify, Exxon, Shell, Chevron, Saudi Aramco, and other oil majors have been collectively spending $40 billion a year on greenhouse gas-emitting petrochemical facilities.
Petrochemicals like ethylene, benzene, and methanol are found in everything from tires and pharmaceuticals to fertilizer and laundry detergent. But their main application is in plastic.
For Android Mobile users Ilwareed Online has an App available on Google Play Store, with this App you can get the latest News and Political Analysis every minute.
Download Ilwareed Now.
Follow us on Twitter #ilwareed and Facebook #ilwareedonline