Chemical Economy Research Institute to Hold Basic Petrochemical Training Next Month

The Chemical Economy Research Institute will hold an 'Introduction to Petrochemical Education' for beginners and workers in the petrochemical industry on January 23-24 next year at the Federation of Korean Industries Building in Yeouido.

This training will cover topics such as ▲Understanding the petrochemical product market - olefins, aromatics ▲Understanding and analysis of international oil prices ▲Understanding the petrochemical industry ▲Analysis of factors determining petrochemical prices ▲Understanding the petrochemical product market ▲Dynamics and understanding of the domestic LNG market ▲Forecast of the global petrochemical market trends in 2025 following the inauguration of the second Trump administration ▲Understanding the refining industry and environmental changes · countermeasures ▲Sustainable growth strategies of global petrochemical companies amid prolonged industrial recession and future chemical industry trend forecasts.

Speakers include petrochemical industry experts from YNCC, GS Caltex, SK Gas, LG Chem, Argus, Korea University, and the Chemical Economy Research Institute.

Applications for the training are being accepted on a first-come, first-served basis through the Chemical Economy Research Institute website.

Meanwhile, the domestic petrochemical industry, which has been experiencing a prolonged recession for the past two years due to oversupply from China, is showing expectations for a recovery in business conditions with the emergence of the second Trump administration. The new U.S. government is expected to expand the use of traditional energy and fossil fuels such as oil, coal, and gas, and ease related regulations. There are also forecasts that the U.S. will increase its daily oil production to 13.5 million barrels next year, which is 47% more than Saudi Arabia.

On the other hand, China is expanding investments in new renewable energy rather than traditional oil energy to compete with the U.S. As the U.S. expands crude oil production, if the share of renewable energy increases in China, which accounts for a large portion of oil consumption, demand may decrease, leading to a downward stabilization of international oil prices. If international oil prices stabilize, the procurement of petrochemical product supply chains can also stabilize.

This content was produced with the assistance of AI translation services.