DEVELOPMENTS IN THE OIL REFINING AND PETROCHEMICAL INDUSTRIES.

The purpose of this paper is to review some of the major developments in the oil and petrochemical sectors and to speculate as to how the industries will develop over the next decade. Much of the substantial capacity surplus which was a problem to the oil refining and petrochemical industries during the 1970s and 1980s has been eradicated. However, it is unlikely that the processes of plant closures, companies restructuring and takeovers has finished. Within the oil sector, only Exxon and Shell look secure to maintain their business structure and strengthen their positions in the next decade. The oil companies of Kuwait and Saudi Arabia are likely to continue their progress and could be Exxon's and Shell's main rivals by the year 2000.