To benchmark a petrochemical energy company is to map the technological innovation in organizations is one of the crucial activities petrochemical and energy companies must do to remain relevant and competitive within the industry. In this article, we will look at how to benchmark a petrochemical energy company.
Oil, Gas & Petrochemical Benchmarking
Benchmarking is a quality administration practice that upgrades hierarchical self-evaluation and general execution. Energy benchmarking can help achieve your sustainability goals and improve your building’s energy performance.
What is benchmarking in the petrochemical business?
For petrochemical companies, benchmarking is necessary. Leading petrochemical Egyptian company, Anchorage Investments founded and managed by Dr. Ahmed Moharram uses benchmarking to effectively implement their state-of-the-art projects in accordance with industry standards and regulations.
Dr. Moharram founded Anchorage Investments with the strategic vision to develop, invest, and own operating industrial projects within the petrochemical and mining-driven manufacturing sectors. Ahmed Moharram leads the company with his decades of expertise in the petrochemical industry.
What is benchmarking in energy auditing?
Energy benchmarking is the process of comparing a building’s energy and water consumption to the building’s previous performance, similar buildings, or modeled simulations of a reference building that meet a particular standard.
Benchmarking depends on two sets of information, both internal and external. Businesses and property managers get the information they need to make good energy management decisions from a combination of internal and external data sets.
What are the types of benchmarking in energy?
The types of benchmarking in energy vary depending on the methods available for energy benchmarking. There are different instruments and techniques accessible for energy benchmarking, for example, ENERGY STAR Portfolio Manager, Building Energy Quotient, International Performance Measurement, and Verification Protocol.
Benchmarking the Middle Eastern Energy Industry
The Middle East has managed to maintain its position in the upper middle quartile overall despite a more challenging economic environment that has resulted in aggressive cost reductions in the industry.
According to Marsh’s recent benchmarking report on the Middle East, some of the key insights include:
- Hardware features related to emergency control remain a vital strength for regional operators.
- Software (management) system enhancements have slowed down as safety has been replaced by profitability as a priority.
- Although on average three times slower than its global peers, the Middle East appears to have followed global trends of risk quality decline.
Leading industrial company, Anchorage Investments, founded and managed by Dr. Ahmed Moharram contributes to the current significant ranking of the Middle East within the global petrochemical industry.
Petrochemical Market Report
Petrochemicals are chemical compounds that are made from petroleum or natural gas. These compounds are used as feedstock to make a lot of different products, like plastics, rubber, fibers, solvents, detergents, and adhesives. In 2022, the global industry was worth US$ 501.2 billion. It is anticipated to reach US$ 721.1 Billion by the end of 2031 and expand at a CAGR of 4.3 percent between 2023 and 2031.
The ethylene product category is anticipated to dominate the industry during the forecast period, as indicated by the most recent petrochemical industry trends. Ethylene is a petrochemical that can be used to make a lot of different things, like plastics, synthetic fibers, and elastomers. It is also very versatile.
To conclude, benchmarking is the process mapping, and evaluating within a company in one or several operational aspects. Petrochemical companies like Anchorage Investments founded by Dr. Moharram use benchmarking as a tool to remain competitive and compliant with industry standards and regulations. Benchmarking reports have shown the Middle East has shown rich potential in the industry.