Development of the petrochemical industry as a promising area of the oil industry

Abstract

the main purpose of this article is to identify the prospects for the development of the oil industry. The
article is devoted to identifying the main causes and trends of the rapid development of petrochemistry in recent
years, to study and analyze successful international experience in the development of petrochemistry in the world
(in China, the USA, Germany). Also potential major players in the petrochemical market were identified, such as
Iran and Saudi Arabia. The experience of key players in the petrochemical products market shows that today the
petrochemical industry is a promising direction for the development of the entire oil industry, which is associated
with a combination of low world prices for raw materials and high prices and strong demand for final products. The
combination of these factors has led to the active interest of key players and investors in the petrochemical industry,
its high growth rates and the aggravation of global competition in this field. The advantages and disadvantages of the
development of petrochemistry in Russia and Kazakhstan were identified. The prevalence of problems and difficulties
over the advantages inhibiting the development of petrochemistry in Kazakhstan, the solution of which will raise the
Kazakh petrochemical industry to a new level in the long term, has been revealed.