IHS Markit: COTC process seen doubling profits

Crude oil-to-chemicals (COTC), a new chemical process technology, could more than double the profitability derived from a barrel of crude oil, according to IHS Markit. Based on its analysis, global, integrated refining and petrochemical companies currently earn about $8.50/bbl of refined crude oil. By leveraging the COTC process technology in a world-scale refining and chemical facility, owners could increase their plant net margins to $17/bbl.