Petrochemical companies play an essential role in producing one of the most vital materials in our daily lives. Petrochemicals are chemical substances used in medicine, cosmetics, and agriculture. They are also used in many components of the energy sector as they’re used to produce solar panels, wind turbine blades, batteries, and electric car components, among other products.
This level of importance of petrochemicals drives our attention to petrochemical producers and, more specifically, petrochemical companies in Egypt.
What are the 4 Products of the Petrochemical Industry?
Petrochemicals can be divided into several derivatives used as raw materials to produce goods. Some of the most frequently used are ethylene, propylene, and benzene.
Ethylene is commonly used to manufacture different types of plastics as well as cleaning supplies such as detergents, lubricants, and other mechanical components.
Famously used in the gasoline industry, benzene is also used to make nylons and packaging materials. Additionally, nylon can be found in clothing.
Propylene is frequently used in food preservatives that can prolong the shelf life of certain foods. This petrochemical derivative can also be used in the production of food coloring and some candies.
What is Value Engineering in Petrochemical Project Management?
Essentially, value engineering is modifying designs and systems according to value analysis. This systematic and organized approach aims to research low costs methods of production without sacrificing functionality or quality execution.
The focus of value engineering is use, cost, and exchange values.
Top Petrochemical Companies in the World
Globally, the petrochemical market size is estimated to be valued at $789.8 billion by 2030, seeing an increase from $523.56 billion in 2022 at a compound annual growth rate of 5.4%. In addition, it is estimated by the U.S Energy Information Agency that fossil fuels will supply 60% of global primary energy consumption in 2050.
Let us look at petrochemical producers on a worldwide scale.
In January 2022, the British company’s market cap accounted for $205.6 billion. Shell is an oil and gas company that also provides services including exploration and extraction of natural gas, natural gas liquids, and crude oil.
Reliance Industries Limited
Indian-based multinational conglomerate, Reliance Industries Limited operates in the exploration and production of hydrocarbons, petrochemicals, refining and marketing, communications, and retail. As of January 2022, the company reported a market cap of $202.42 billion.
Dating from 1924, TotalEnergy SE is a French multination energy and petroleum company. Its business activities involve exploration and production, integrated gas, renewables, and power, marketing, and refining chemicals. The company also transports and supplies natural gas, crude oil, and low-carbon electricity. TotalEnergy SE’s total market cap accounted for $157.9 billion in January 2022.
The Largest Petrochemical Company in the World
The largest petrochemical company in the world is set to be energy and chemical company, Sinopec (Chinese Petroleum and Chemical Corporation). Having achieved a revenue of $405.4 billion and a net profit of $10.54 billion in 2021, this corporation is a state-owned Chinese oil company is v based in Beijing.
3 of the Best Egyptian Petrochemical Companies
In 2022, local petrochemical production in Egypt exceeded 4.3 million tons making the Egyptian petrochemical market significantly important.
Some of the best industry players in the petrochemical fields include:
- Anchorage Investments, a well-known Egyptian petrochemical company, is an industrial oil and gas company developing downstream oil and gas, and mining-driven manufacturing projects. Through environmentally friendly practices, Anchorage Investments uses state-of-the art technology to develop petrochemical projects including their latest Anchor Benitoite petrochemical complex to be in Suez, Egypt.
- The Egyptian Petrochemicals Holding Company (ECHEM) is an Egyptian petrochemical corporation established in 2002. The company has since been investing in mega chemical projects worth $7 billion to date.
- SIDPEC (Sidi Kerir Petrochemicals Co.), is an Egyptian joint-stock chemical company operating since 1997. Utilizing modern technology, SIDPEC aims to satisfy state regulations and environmental requirements.
To conclude, Petrochemicals are essential to our essential day-to-day goods such as medical supplies, household goods, and more. And the petrochemical industry is increasingly gaining recognition globally, with influential industry players located worldwide. In Egypt, the industry is led by prominent corporations such as Anchorage Investments.