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29DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024TheSingaporeplantisexpectedtoincreaseourglobalpolyisoprenelatexproductioncapacityby over50% Thisprojectpreserves andmaintainsourpolyisoprenelatexmarketleadingpositionintermsofcombinedcapacitynumberoflocationsandproductionlinestodeliverthebest-in-classconsistentproductqualityThisgivesourcustomersfullconfidencetofurtherrelyonCariflex™IRLatexasasustainablesourcetogrowtheirbusinesssaidCariflexChiefExecutiveOfficerPrakashKolluri2022– AStandout YearForFossilFuelInvestmentTheglobaloilandgasexplorationsectorisbeingrampedupinresponsetoneartermdemandAccordingtoenergyintelligenceWoodMackenzie2022wasthestrongestinmorethanadecadewithatleastUS$33billionaddedthroughnewandmajordiscoveriesmadeinNamibiaGuyanaBrazilandAlgeriaTheaveragediscoverywasover150millionbarrelsofoilequivalentmorethandoubletheaverageofthepreviousdecadeJulieWilsonDirectorofglobalexplorationresearchatWoodMackenzieremarked2022wasastandoutyearforexplorationVolumesweregoodbutnotstellarHoweverexplorerswereabletodriveveryhighvaluethroughstrategicselectionandfocusingonthebestandlargestprospectsThediscoveriesbringhigherqualityhydrocarbonsintocompaniesportfoliosallowingthemtoreducecarbonbydisplacinglessadvantagedoilandgassupplieswhilealsomeetingtheworldsenergyneedsLiquids AccountedFor60%OfNewResourcesDiscoveredBy2030fast-trackeddevelopmentoftBy2030fast-trackeddevelopmentofthesenewdiscoveriescoulddeliver1millionbarrelsperdayinoiland05millionbarrelsofequivalentper day gasproduction generatingUS$15billioninfreecashflowsaidMsWilsonMorecanbeexpectedgoingforwardasexistingfieldsarebecomingdepletedanddemandshowsnosignofabatingWithinthenextfewyearsQatarEnergyGazpromSaudiAramcoExxonMobilPetrobrasTurkmengazTotalEnergiesChevronandShellareplanning toopennewgasandoilproductionsitesExxonMobil is expected to spend US$23 billiontoUS$25billiononexplorationandproductionin2023ThehighcapitalspendingrelativetoitscompetitorswouldbeanadvantageasthecompanypushesforwardwithdevelopingfieldsinthePermianBasinstraddlingTexasandNewMexicoandoffshoreGuyanaandBrazilWeareunderinvestingasanindustryMrDarrenWoodsExxonMobilsChiefExecutivetoldanalystsWeseethepotentialforcontinuedtightmarketsChevronplanstospendsomeUS$17billiononexplorationandproductionover25%morethanitdidin2022For2023theIEAsaidbasedonanalysisoftheannouncedspendingplansofallthelargeandmedium-sizedoilgasandcoalcompaniesinvestmentinfossilfuelsupplyissettorisebyover6%toUS$950billionwiththelargestsharegoingtoupstreamoilandgasMulti-BillionInvestmentInEthylene ToMeetDemandGrowthInspiteofnear-termconcernsoverexcesscapacitythepetrochemicalmarketcontinuestoexpandVantageMarketResearchprojectstheglobalpetrochemicalmarketwillgrowatacompoundannualgrowthrate(CAGR)of85%toreachUS$612billionin2028fromUS$375billionin2021GrowthindemandforconsumablegoodsfromconstructionhealthcareandtransportarethekeydriversVantageestimatesthatethylenewillaccountforover30%oftotalsalesby2028becauseofdemandgrowthinsectorssuchasbuildingpackagingandmobilityTheMiddleEastIsRampingUpProductionIn AnticipationOfHigherDemandTheSaudiArabianOilCompany(Aramco)andTotalEnergieswillconstructaworldscalepetrochemicalfacilityinJubailonSaudiArabiaseasterncoastoperatedandintegratedwith