Oil & Gas report highlights the importance of petrochemical jobs
A report by Oil & Gas UK has indicated that the UK's petrochemical industry could be a determining factor in steering the country back into growth and
out of recession.
Petrochemicals are essential in the manufacture and production of thousands of different products, and the stability and strength of the petrochemical
industry could make it a primary component in economic recovery. The annual report by Oil & Gas UK also underlines its importance as a source of
petrochemical jobs, as a primary energy supply and for the development of technology, tax revenues and investment.
The re-establishment of manufacturing
The coalition government has made its position clear - it wants the manufacturing sector to be re-established as one of UK's foundation industries.
With so many jobs at risk in the service sector, British manufacturing could be at the brink of a Renaissance, restoring confidence and leading a more
stable, long-term economy. At the heart of this Renaissance is the petrochemical sector - the basis of many other satellite industries.
Malcolm Webb, the Chief Executive of Oil & Gas UK, believes that despite the bleak economic times that may still lay ahead, it is the petrochemical, oil
and gas industries that are the important engines for economic growth. "Even after more than 40 years of production, the industry has the potential for
a great future," he comments. Mr Webb believes that future is not only to be found in the continued development of remaining offshore oil and gas
reserves, but also in the commercial activities of the supply chain that feeds the industry.
Petrochemicals - a vital part of the economy
Although oil and gas production dropped by 10% in 2009 as compared to 2008, that fall was influenced by a 9% drop in demand. Yet the UK is still the
15th largest gas producer in the world, and the 19th largest oil producer. The sustainability of UK oil and gas production is politically a hot potato, and
the coalition government is eager t