Europe refineries, petrochemicals may close as demand fails to recover

Refineries and downstream petrochemical plants in Europe could close in the next 12-18 months as demand for transport fuels fails to recover.
- 1-2 refineries may close in ARA in next 12-18 months through lack of demand for transport fuels
- Downstream chemical plants will also close
- Switch to electric and autonomous vehicles will drive changes in the chemicals mix
- China could become global leader in plastics recycling in 5-10 years
- China’s demand for chemicals imports will fall if recycling takes off
- China now dominates solar industry and could do the same for recycling technology
- World Economic Forum says chemical industry can “build back better” after pandemic
- Industry about to move beyond oil and petrochemicals
- Chemical majors should invest more in chemical technology start-ups