HOUSTON, March 23 (Xinhua) -- With the growing production and relatively low cost of natural gas in the United States, there is much room for the U.S. and China to cooperate in the natural gas chemical industry, Mark Eramo, vice president of global business development in IHS Markit, said Friday.
Delivering a speech at the China Forum of World Petrochemical Conference 2018 (WPC 2018) held in Houston, Eramo said U.S. natural gas liquids production will nearly triple in the decade 2010-2020, based on IHS Markit projection.
He said that compared with crude oil, natural gas has its price advantage for investment, adding that Ethane remains competitive feedstock for further investment from China due to cost advantage.
According to him, because of the low cost and growing demand, chemical and energy trade will continue to grow between the United States and China. At the same time, investment in the industry in both countries will also increase. All these factors require more cooperation and collaboration between the two countries.
The 33rd World Petrochemical Conference was held on March 19-23. Presented by IHS Markit, WPC 2018 invited over 1,300 representatives from more than 40 countries and regions to discuss the development and outlook of the global petrochemical industry. This was the second year that China Forum was included in the conference.