HELSINKI, July 16, 2019 /PRNewswire/ -- The future of the downstream processing industry took center stage at the International Refining and Petrochemical Conference (IRPC) EurAsia as executives and senior engineers gathered to discuss the technical and operational challenges and opportunities facing their companies.
Nearly 200 high-level professionals from companies including Borealis Polymers, BP, Chevron Lummus Global, ExxonMobil, Neste and Saudi Aramco, discussed sustainability, technologies to optimize operations, digital transformation and the evolving landscape for operators.
Hosted by Hydrocarbon Processing, the downstream sector's leading publication, IRPC EurAsia opened to a well-attended pre-conference seminar hosted by Neste and NAPCON.
Conference keynote Peter Vanacker, President and CEO of Neste Oy, addressed Neste's mission in addressing sustainable operations. Fifteen years ago, the company decided to invest €1.5 B to counter environmental concerns. Neste investors, customers, and even employees were not entirely convinced about the initiative, the CEO explained. However, "innovation is at the heart of this transformation," Vanacker said. "You need to keep on innovating; otherwise, you can't survive. This has always been at the core of what Neste has striven to do."
Senior Vice President of BU Hydrocarbons and Energy for Borealis Polymers Oy Thomas Van De Velde delivered an address on the strategic opportunities for the European petrochemical industry.
Borealis sees two significant challenges in the industry—the circular economy and digitalization—while carbon neutrality remains a major challenge. The polyolefins circular economy requires a wider view on the value chain that incorporates the mitigation, and eventual end, of plastics disposal in the environment. Recycled solutions will dominate the growth of polyolefins in Europe, Van De Velde said.
"We need to sort waste, and then we need to put it into a circular route," the VP said. "But there is no 'silver bullet' solution; it will be a combination of approaches. We believe in mechanical recycling, which has the best carbon footprint, as well as energy recovery."
Meanwhile, Alan Gelder, Vice President of Refining, Chemicals and Oil Markets—EMARC for Wood Mackenzie discussed the impacts of IMO regulations. Gelder explained how European refining margins have been weak since the start of 2018 due to higher crude oil prices and a global gasoline surplus. Oil products demand growth in 2019 is predicted to be slow, but it is forecast to pick up again in 2020, supporting margins.
International Maritime Organization (IMO) regulations requiring reduced sulfur content of 0.5% in marine fuels from January 1, 2020 will bring about a predicted surge in gasoline and diesel demand of 1.3 MMbpd in 2020, with Asia as the key driver.
IMO-driven changes to middle distillates spreads, high-sulfur fuel oil (HSFO) demand and crude differentials are expected to drive a strong refining margins outlook for 2020.
Hydrocarbon Processing is bringing the International Refining and Petrochemical Conference back to Houston this Fall. IRPC Americas will be held in Houston, TX, on September 25-26 and will provide a high-level forum for key players in the petrochemical and refining sectors to share their knowledge, learn about best practices, and stay abreast of the latest advances. See the full agenda here.
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For more than 100 years, Gulf Energy Information has been the leading provider of business and technical knowledge for the global oil and gas industry. Since its formation in 1916, the company has evolved from a single publication—The Oil Weekly, which was dedicated to upstream activity in the Gulf Coast area of the United States—to a diversified media and market intelligence company. Gulf produces the oil and gas industry's leading publications: World Oil, Hydrocarbon Processing, Gas Processing & LNG, Petroleum Economist, Pipeline & Gas Journal. In addition, Gulf also produces datasets (Construction Boxscore and Energy Web Atlas) containing in depth project and facility data.
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SOURCE Hydrocarbon Processing
