Energies Media
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
  • Contact
No Result
View All Result
Energies Media
No Result
View All Result

US Petrochemical Industry Forced to Rethink Investment Decisions Amid COVID-19 Pandemic

by Energies Media Staff
June 27, 2020
in News, Oil and Gas News
US petrochemical industry forced to rethink investment decisions amid COVID-19 pandemic

A Critical Mineral at a Critical Moment: The Importance of Restoring Domestic Tungsten Production in the U.S.

A Revolutionary Way to Understand Energy Customers

The COVID-19 outbreak and crude oil price crash have pushed petrochemical companies in the U.S. to announce project delays. With major complexes such as Shell Beaver County Complex and Formosa St. James Parish Complex having already been affected, prevailing uncertainties and economic slowdown due to the outbreak could push companies to make more such announcements over the short-term, says GlobalData, a leading data and analytics company.

John Paul Somavarapu, oil and gas analyst at GlobalData, comments: “Most of the upcoming projects that have been affected are concentrated in U.S. gulf coast states such as Texas and Louisiana and primarily involve shale gas processing. A few of the delayed projects include the Corpus Christi Polymers Project, which was scheduled for Q4 2020 and has been postponed to Q4 2021, and the Formosa Plastics Point Comfort Polyethylene project, which set to come on-stream in Q1 2020 has been delayed to Q3 2020. The industry foresees more such delays, which would have a knock-on effect to impact the progress and start-up of subsequent projects.”

The pandemic has compelled U.S. petrochemical companies to re-evaluate their investment strategies, impacting their FID plans. Projects under early phases of development are expected to be hit hard. The FID of the PTTGC Belmont County project has been postponed indefinitely due to the outbreak, while CP Chem has also deferred the FID plans of its Gulf Coast Complex.

InventU

John Paul concludes: “Petrochemical demand has been knocked down, as the end markets such as automotive, housing and construction have also experienced a decline in demand. However, some end markets such as consumer and food and medicinal packaging have maintained steady demand and avoided similar drops. Demand of key polymers in the U.S. is expected to decrease by around 4 percent in 2020, and later rebound in 2021.”

Author Profile
Energies Media Staff
Website
Author Articles
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    Global Shale Oil and Gas Landscape Set for Growth Beyond US
    August 26, 2025
    Global Shale Oil and Gas Landscape Set for Growth Beyond US
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    E-Fuels
    August 13, 2025
    2nd Annual World E-Fuels Summit
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    What Happens to Solar and Wind Systems During Natural Disasters?
    August 6, 2025
    What Happens to Solar and Wind Systems During Natural Disasters?
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    ship on body of water at night
    August 1, 2025
    Industry leaders to speak at Wood Mackenzie’s Carbon Capture, Utilization and Storage Conference 2025
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    ROGII and NRGX Technologies Ltd. Partner to Deliver Seamless LAS Data Integration for Upstream Workflows
    July 31, 2025
    ROGII and NRGX Technologies Ltd. Partner to Deliver Seamless LAS Data Integration for Upstream Workflows
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    Europe Nuclear Energy & SMR Conference (ENES2025)
    July 31, 2025
    Europe Nuclear Energy & SMR Conference (ENES2025)
Gastech

In This Issue

Energies Media Summer 2025

ENERGIES Media (Summer 2025)


Dewey Follett Bartlett, Jr.: Tulsa’s Champion of Independents


Why Energy Companies Need a CX Revolution


The Hidden Value in Waste Oil: A Sustainable Solution for the Future


Moving Energy Across Space and Time


How to Deploy Next-Gen Energy Savers Without Disrupting Operations


Meeting Emergency Preparedness and Response Criteria


Energies Media Interactive Crossword Puzzle – Summer 2025


Letter from the Managing Editor (Summer 2025)


Maximizing Clean Energy Tax Credits Under the Inflation Reduction Act


ENERGIES Cartoon (Summer 2025)


NeverNude Coveralls: A Practical Solution for Everyday Dignity


U.S. Oil Refineries Face Critical Capacity Test Amid Rising Demand


Bringing Safety Forward in Offshore Operations

E-Fuels
Expo
  • Terms
  • Privacy

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
  • Contact

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.