Royal Dutch Shell will begin construction of a new $10bn petrochemicals site in the gas-rich Marcellus shale basin in the US within the next ten weeks as part of a radical growth plan for its petrochemicals business.
The oil major told investors that global demand for petrochemicals – which are used to manufacture the raw materials used to make plastics, paints and textiles – is set to grow by around 50pc by the end of the decade, making it a key area for the company’s growth.
Shell believes it can almost double the earnings from its chemicals business within the next two year to between $3.5bn to $4bn by adding three major petrochemical refineries to its portfolio before 2020. FULL ARTICLE
