The World Bank projects global economic growth to soften in 2019 to 2.9%, a 10-year low. This is based on forecast weakening of international trade and manufacturing activity, elevated trade tensions, and substantial financial market pressures (being experienced) in some large emerging markets. Therefore, the Middle Eastern refineries are embarking on value chain optimisation efforts to increase asset productivity and associated supply chain efficiency, thereby boosting resilience to market volatility.Via the PIP, KBC will identify and implement a series of on-site productivity and efficiency improvements across each of the refineries focusing on capacity utilisation, molecular management, yield improvement, corrosion and fouling mitigation and energy efficiency.
"Our observation is that global forecasts for refined products are being revised down, especially gasoil/diesel, gasoline and fuel oil cracks," explains Andrew Howell, CEO of KBC."KBC’s PIP campaigns are vital for assuring capital efficiency by developing the necessary operational flexibility and identifying strategic investments so that return on capital employed targets can be easily and routinely exceeded."
For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.