“The petroleum sector is one of the world's largest and plays a critical role in a country's economic growth. However, the exploration and extraction of heavy crude oil have resulted in a slew of environmental issues, as well as heightened anxiety in the communities near oil refineries. Acid rain, climate change, and pollution of soil, water, and air have all been caused by activities such as gas flaring and oil spills, which have resulted in the release of harmful organic and inorganic pollutants, resulting in acid rain, climate change, and contamination of soil, water, and air. These environmental risks have had negative consequences on the ecology, either directly or indirectly.”

For generations, heavy oil has been a part of the natural ecosystem. It is a substance thought to have evolved over millions of years as a result of the death and decay of plant and animal remains embedded in shallow sea sediments and later overlaid by a sequence of strata of sedimentary rocks. These organic leftovers are transformed into petroleum by extreme heat and pressure, traveling upwards, sometimes across large distances, either to reach the surface or to be confined in what will eventually become oil reserves.

Heavy oil is unrefined petroleum that forms spontaneously and is primarily made up of hydrocarbon deposits and other organic components. By refining heavy oil, it can be transformed into more valuable products such as gasoline, kerosene, jet fuel, diesel, heating oil, and other petrochemicals.

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Impact Of Degradation Of Crude Oil

The reduction in crude oil prices over the last seven months has caused concern among petrochemical players, with many planned projects being postponed and financial institutions concerned about the degree and future impact on financial returns. There is an intrinsic relationship between crude oil as basic raw material and downstream petrochemical derivatives in the petrochemical sector.

The reliance on crude oil for power generation has decreased, reducing the influence on renewable energy's economic competitiveness while raising the need to compare renewables to alternatives such as natural gas, coal, and nuclear power.
The recent reduction in the price of crude oil has underlined the appeal of renewable energy's relative independence from fuel price changes. When opposed to petrochemical-based projects, where anticipated project ROI is contingent on the accuracy of raw material estimates, the certainty in up-front capital expenditures and “zero” raw material expenses are attractive and intrinsically lower-risk.
The elimination of fossil fuel subsidies, together with the continued decline in renewable technology capital costs, will improve the margins captured by top renewables businesses. It's feasible that a tipping point will be achieved when the cost of solar or wind energy will set the price of fossil fuel-based power.
Major Market Highlights:

In Shanghai, China, Evonik Industries AG constructed a new oil additives performance testing lab. This new performance testing lab will service clients in China and the Asia Pacific area, demonstrating Evonik's commitment to assisting customers with formulation development, lab testing, and real-world performance demonstration.
LANXESS AG has agreed to buy Emerald Kalama Chemical, a company based in the United States. It is a market leader in specialty additives.
The Lubrizol Corporation has announced the release of a new additive as part of the Lubrizol PV 1500 series, which is designed to increase operational efficiency. By September 1, 2021, Dexos will be available for first licensing.
Innospec Inc. introduced Trident, a novel bunker fuel additive package that improves fuel stability and combustion efficiency, in April 2021. Trident 100, 120, 200, and 290 are several types of stability additives available under the Trident brand.

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