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Analysis of Strategies Adopted by International Petroleum and Petrochemical Companies towards Current Situation
Wang Hongqiu, Zhang An, Hou Yuxuan, Song Qianqian, Wang Chunjiao, Pan Tao, Wang Baicang, Jin Ye, Ding Wenjuan, Zhou Xiaoyang
2019, 38(5):
8-13.
DOI: 10.3969/j.issn.1002-302x.2019.05.002
Under the dual pressures of the periodic petrochemical industrial adjustment and the global economic growth slowdown, global petrochemical product market is relatively weak with the profits of most petrochemicals declining. The petroleum and petrochemical majors have adopted the measures and adjusted the strategies in response to the stern situation. This paper focuses on four large-scale petroleum and petrochemical companies in different regions and countries -- ExxonMobil in USA, BASF in Germany, Saudi Aramco and China’s Sinopec, making in-depth study and analysis of their chemical business development in recent years. These four companies have attached great importance to reduction of production cost, consolidation of innovation capability, enlargement of advantageous industries and expansion of markets, but all of them have their own focus areas. ExxonMobil Chemical Company is committed to maximization of integrated synergy and focus efforts on development of key chemical business. BASF pays more attention to clients’ demand, adjusts organizational structure and promotes digitalization process. Saudi Aramco is making energetic efforts for business expansion with the chemical business globally distributed. Sinopec is strongly committing efforts to promotion of mechanism innovation, capitalization, digitalization and fine business development, supporting business transformation and development.
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