Recent developments
Capital and margins
Chevron projects over 10% annual growth at $70 Brent while lowering capex, targeting breakeven below $50 and two chemicals projects starting in 2027. MOL Group revised 2025 EBITDA guidance after a quarter supported by wider refining margins and resilient downstream performance. A Q3 2025 earnings report also noted consumer services growth and a shift to a holding structure.
Capacity and trade shifts
LOTTE Chemical has completed its petrochemical complex in Cilegon, adding 1 mtpa ethylene, LPG-flexible cracking, and integration with the adjacent polyethylene unit. TA’ZIZ signed long-term term sheets with The Sanmar Group to export EDC and VCM from the UAE, supporting PVC production in Egypt and India and inaugurating UAE exports of these intermediates.
Digital and asset support
Clariant extended CLARITY Prime digital services to SECCO’s 900 KTA ethylene unit, enabling 24/7 catalyst monitoring, forecasting, and upset prediction. Equinor set new framework agreements for insulation, scaffolding, and surface treatment at Norwegian onshore plants to maintain safe, efficient operations and workforce continuity.
Project execution, localization
At the PetroEngineering Roundtable in Atyrau, TCO outlined modular construction and Caspian marine logistics for the Third Generation Plant, with extensive participation by local firms and skills development.