Toronto Electricians and Electrical Contractors

The recent oil crisis accelerated the focus on the downstream value chain. National Oil Companies (NOCs) are rapidly adapting their strategy by investing in refining and petrochemical complexes both at home and abroad. The goal is threefold: to meet the rising domestic demand, to hedge against oil price volatility by accessing the products margin and finally, to secure future crude customer base through overseas investment in a market with increasing supply from unconventional sources. This is ever more crucial in a transitioning energy mix, as petrochemicals would still remain a growing sector. Historically, the downstream capacities were built by International Oil Companies (IOCs) in the developed countries. However, with emergence of developing countries in Asia and the economic growth in the Middle East, NOCs have taken the front seat to build the new capacities at home, signaling a “production and processing proximity” approach. Additionally, Middle Eastern NOCs invest in downstr...