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China Market Insider Sinopec Develops New Crude-to-Chemical Process
Chinese petrochemical company Sinopec has developed a new process to convert crude oil directly into chemicals. The new "Crude Oil to Chemicals" (COTC) process is a major technological breakthrough. China is thus becoming the global technology leader in catalytic cracking of crude oil.
Beijing/China – The new COTC process, which the Sinopec Research Institute of Petroleum Processing has been researching for some time, has now been tested for the first time on an industrial scale by Sinopec subsidiary Yangzhou Petrochemical. According to PROCESS China, the test results showed that the chemical yield of low-carbon olefins and aromatic hydrocarbons was more than 50 percent higher than conventional processes.
Some market observers see the "future of petrochemicals" in such COTC processes, in which crude oil is processed directly into chemicals. Because global demand for fuels will gradually decline, triggered by the electrification of the automotive industry and similar trends. Still, the need for chemicals will continue to rise, petrochemical groups around the world are looking for alternative business models for their refineries. With COTC, chemicals are advancing to become the main product of refineries, displacing products such as heating oil and fuels for aircraft and vehicles.