Global Oil Refining Faces Shake-Up From Asian Plastics Boom
- Rise of massive integrated refineries to drive consolidation
- Growing consumer backlash against plastics a demand risk
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As the age of the hydrocarbon enters its final era, the action increasingly moves to Asia and plastics take center stage.
With demand for transport fuels set to tail off in the years ahead, a new breed of processing plants is sprouting up across the region. These integrated refineries convert oil into petrochemicals, the building blocks for everything from food packaging to car interiors, and produce less fuels like gasoline.