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  1. A trend towards petrochemicals

    ... same time, despite the fact that EBITDA margins offered by petrochemicals can exceed 40% vs 5% to 7% for refineries, oil and gas companies did not rush to place bets on petrochemicals.” Firstly, petrochemicals are much more investment intensive than refining operations. “In addition, a focus on such a complex business often requires a separate business to be set up within their vertically integrated oil organisation,” he explains. Nevertheless, in the past 5 to 7 years, the trend for oil companies ...