Oil and gas firms risk stranded assets by betting on petrochemicals: report
Petrochemical demand would have to grow by 3.9% per year until 2035 to make up for lost transportation demand.
Oil and gas majors that are betting on a rise in petrochemical demand to make up for the planned decline in fossil fuel demand for transportation are putting their investors at risk, a new report argues.
Most fossil fuel companies have dropped plans to reduce production output in recent months, based on the belief that oil and gas demand will continue to rise in the coming decade – if not for transportation, for plastics and fertilisers.
