ABSTRACT
The petrochemical sector is in the aftermath of the extensive restructuring that resulted from changes in raw material prices and increased availability, technological improvements, near market saturation for basic petrochemicals in developed countries, and the emergence of non-traditional producers as major partners in world trade. Nothing typifies more the turmoil of change that has affected the industry than the rapid changes in feedstock prices and availability. Within the petrochemical industry, natural gas liquids and naphtha have been by far the preferred feedstocks for ethylene synthesis. The growth rate in world chemical trade has been as extraordinary as the growth in chemical production. World trade of chemicals grew from $22 billion in 1970 to $216 billion in 1987, and of this an estimated 60% is for petrochemicals. Technological progress has been a key factor in the remarkable resilience of the petrochemical industry to changes in the conditions of the world market.
