30 July 2013 16:41 [Source: ICIS news]
LONDON (ICIS)--Global competitiveness is the biggest challenge facing the refining and petrochemical industry in central and eastern Europe (CEE), according to 51.7% of respondents in a World Refining Association (WRA) survey, the WRA said on Tuesday.
In response to the question of what was being done to increase capacity, the respondents - comprising of 173 companies including Romania's OMV Petrom, the State Oil Company of the Azerbaijan Republic (SOCAR) and BP Refining and Petrochemicals - indicated that 70.2% of refineries subject to the survey were introducing bottom of the barrel processing to increase capacity, it added.
“Furthermore, 60% of petrochemical producers are currently developing their own technologies, with one participant stating: 'Many business are setting up new plants to increase capacity,'" the WRA said in a press release on its survey.
"The [CEE] refining and petrochemical industry will need to adapt to potential new feedstocks and improve margins, in particular through integration and technology change," another respondent added, when quizzed on competitiveness.
One-third of respondents agreed improving energy efficiency in refining plants is their number one priority, the WRA added.
The WRA will hold its 16th annual Central & Eastern European Refining and Petrochemical conference in Warsaw, Poland, from 15-17 October.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections