The world’s petrochemical industry is in a time of transition. Facing the worst business downturn in a generation due to overcapacity and the stalled global economy, nearly every major petrochemical producer in Europe is reviewing assets for closure.
For an industry navigating the transition away from fossil fuels and managing the trade volatility created by the US government, there is enormous pressure to squeeze as much value from existing assets as possible.
That means, despite the significant performance improvements associated with the development of greenfield sites, there is little justification for this level of capital investment. So how can petrochemical companies achieve more efficiency from existing production sites?
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