Latest news with #ChevronPhillipsChemical
Bloomberg
5 days ago
- Business
- Bloomberg
CPChem Cuts 130 Jobs as ‘First Step' in Cost-Cutting Campaign
Chevron Phillips Chemical Co., a 50-50 joint venture between Chevron Corp. and Phillips 66, has cut roughly 130 jobs in the latest in a round of reductions sweeping through the Texas oil and chemicals sector. The cuts primarily involve corporate roles including information technology, supply-chain management and logistics rather than chemical plants, according to people familiar with the matter who requested anonymity discussing non-public information. Affected employees were informed in early August, just weeks after CPChem moved into a new 360,000 square-foot headquarters in the Houston suburb of The Woodlands.
Roya News
08-05-2025
- Business
- Roya News
King meets CEOs, representatives of Texas companies
His Majesty King Abdullah II on Thursday met with representatives of government organisations and companies in Texas, to discuss investment opportunities in Jordan and enhance economic cooperation in strategic sectors. The meeting included CEOs and representatives of companies operating in energy, defence, high-value industries, real estate, infrastructure, technology, and future industries such as semiconductor manufacturing. Texas is the eighth largest economy in the world with a GDP of $2.7 trillion, and is a leader in many industries and exports. During the meeting, attended by His Royal Highness Prince Hashem bin Abdullah II, His Majesty expressed Jordan's readiness to strengthen its strategic partnership with the United States and expand economic cooperation in priority areas for the benefit of both countries. The King highlighted the rapid growth of Jordan's economy, noting that the Kingdom is focusing on investment opportunities in high-value sectors such as green hydrogen, gas, renewable energy, natural minerals, digital services, and innovation, in line with the Economic Modernisation Vision. His Majesty also spoke about Jordan's advantages as an investment destination, including low manufacturing costs, supportive legislation, a skilled labour force, and free trade agreements that allow products to reach a large number of global markets. The King said Jordan's prudent fiscal policies and advanced infrastructure enhance the country's economic competitiveness and ability to build effective partnerships, attracting global technology companies to invest and expand operations in the Kingdom. His Majesty also highlighted promising opportunities for investment in a number of mega infrastructure projects, as well as healthcare, tourism, and education projects. The meeting included representatives from Chevron Phillips Chemical, Eco Power Crypto, Cirrus Logic, Exela Technologies, Advanced Micro Devices, Texas Venture Alliance, Arbisoft, Hillwood – a Perot Company, Big Sky Medical, Hylio, Bell Flight, Saronic Technologies, Wheatly Consulting, and Raytheon Technologies. Director of the Office of His Majesty Alaa Batayneh, Jordan's Ambassador to the United States Dina Kawar, and Texas Secretary of State Jane Nelson attended the meeting. Prior to the meeting, the King met with Texas Governor Greg Abbott to discuss ways to enhance cooperation.
Business Upturn
21-04-2025
- Business
- Business Upturn
Expanding LPG Applications and Petrochemical Demand Propel Market Growth
By GlobeNewswire Published on April 21, 2025, 19:00 IST Austin, April 21, 2025 (GLOBE NEWSWIRE) — The global butane market is projected to reach USD 163.23 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.93% from 2024 to 2032. Download PDF Sample of Butane Market @ Butane does an essential job in LPG mixing, fuel applications, as well as cultivating as a petrochemical raw material. Key factors contributing to the market growth include expanding energy consumption trends, urbanization, and petrochemical production surge. Furthermore, due to the increasing focus on cleaner fuels and replacing traditional biomass fuels in developing countries, butane-based LPG demand is rising. Refining and extraction processes have continuously evolved to maximize yield and minimize environmental impact. Meanwhile, low-emission fuels regulatory support is pushing LPG infrastructure investments and underlying butane demand. Emergence of alternative storage, transportation, and safety systems is adjusting the global butane market to suit the needs of experts globally, in Asia-Pacific, North America, and Europe. The United States held the largest market share in the butane market in 2023, with a valuation of USD 16.76 billion, and held 72% market share from 2024 to 2032. The U.S. dominance is primarily attributed to a strong domestic LPG sector, well-established petrochemical industries, and rising residential and commercial energy demands. The shale gas boom has provided abundant natural gas liquids (NGLs), enhancing butane availability. Moreover, key companies such as Chevron Phillips Chemical, Enterprise Products Partners L.P., and Targa Resources are focusing on expanding storage and export infrastructure, ensuring market growth. In addition, the rising trend toward energy-efficient and low-emission fuels aligns with increased butane consumption in both urban and rural households. Key Players: ExxonMobil Corporation Royal Dutch Shell plc TotalEnergies SE Chevron Corporation British Petroleum (BP) plc China Petroleum & Chemical Corporation (Sinopec) Indian Oil Corporation Limited Reliance Industries Limited Saudi Arabian Oil Company (Saudi Aramco) Qatar Energy Gazprom PJSC Phillips 66 PetroChina Company Limited ConocoPhillips Ecopetrol S.A. Petróleos de Venezuela, S.A. (PDVSA) Petrobras Repsol S.A. Lukoil PJSC Marathon Petroleum Corporation Butane Market Report Scope: Report Attributes Details Market Size in 2023 USD 105.84 Billion Market Size by 2032 USD 163.23 Billion CAGR CAGR of 4.93% From 2024 to 2032 Base Year 2023 Forecast Period 2024-2032 Historical Data 2020-2022 Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Segments • By Application (Residential/Commercial, Industrial, Auto Fuel, Refinery, Chemical Feedstock, Petrochemicals, Others) Key Drivers • Growing demand for liquefied petroleum gas (LPG) in residential and commercial sectors drives the butane market growth. Market Segmentation By Application Residential/Commercial accounted for the largest share of the market at approximately 42% in 2023. This extends mainly to residential cooking and heating applications, as this drives a large portion of the liquefied petroleum gas (LPG) growth in this area. As a pure LPG fraction, it's very efficient in heat, economic, and clean combustion, and so widely used in domestic kitchens, restaurants, hotels & commercial establishments. Subsidies and policies in favor of LPG in emerging economies such as India, China, and Brazil will also help maintain high butane levels. Furthermore, an increase in urban population, improved accessibility to the gas distribution network, and a rise in per capita income at the household and commercial levels were the driving forces in the growth of LPG in the residential and commercial sectors. Butane resonates particularly with residential and commercial sectors, so it has a stronger hold because of the ongoing exodus from traditional biomass and coal to environmental and low-carbon alternative fuels. If You Need Any Customization on Butane Market Report, Inquire Now @ Regional Analysis In 2023, Asia Pacific emerged as the largest butane market, accounting for 38% of the global revenue share. This dominance is underpinned by a massive demand for LPG in residential sectors, particularly in India, China, Indonesia, and Vietnam. The region's industrial expansion, increasing urbanization rates, and proactive government policies to promote clean cooking fuels are major catalysts. In addition, the availability of low-cost feedstock, rising petrochemical manufacturing, and significant investments in refining and processing facilities are propelling market growth. Countries like China and India are leading global LPG consumption and continue to invest heavily in infrastructure development, including LPG terminals, storage facilities, and transportation networks. These developments provide a positive outlook for butane producers and suppliers in the region. Meanwhile, North America and Europe are also significant markets, driven by strong petrochemical industries, advancements in fuel blending technologies, and increasing LPG exports. Stringent environmental policies promoting clean energy sources have further strengthened butane demand in these regions. Recent Developments In 2023, Enterprise Products Partners L.P. completed the expansion of its NGL fractionation facility in Mont Belvieu, Texas, boosting butane processing capacity to meet rising domestic and export demands. In 2024, Chevron Phillips Chemical announced a new petrochemical complex in Orange, Texas, with integrated steam cracking units utilizing butane as a key feedstock, expected to be operational by 2026. In 2024, Indian Oil Corporation revealed plans to invest in a large-scale LPG bottling plant in West Bengal, India, to cater to the increasing rural demand for LPG, thereby enhancing butane consumption regionally. Table of Contents – Major Key Points 1. Introduction 2. Executive Summary 3. Research Methodology 4. Market Dynamics Impact Analysis 5. Statistical Insights and Trends Reporting 6. Competitive Landscape 7. Butane Market Segmentation, By Application 8. Regional Analysis 9. Company Profiles 10. Use Cases and Best Practice 11. Conclusion Related Reports: Maleic Anhydride Market Size Report 2024-2032 n-Butanol Market Share & Future Growth by 2032 Aliphatic Hydrocarbon Market Trends & Forecast to 2032 Natural Refrigerants Market Demand Analysis by 2032 About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. 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