To say that Zhanna Golodryga, executive VP of emerging energy and sustainability with Phillips 66, views the industry’s emerging energy transition with great enthusiasm would be a huge understatement.
"It’s an extraordinary opportunity to be part of something so special," she said. "I never thought it was something that was going to happen in my career — to have an opportunity to be part of this transformation to living in a low carbon future."
Golodryga’s enthusiasm is matched by her confidence that the energy transition leading to a low carbon future, particularly when it comes to hydrogen and renewables, "doesn’t happen without us."
Energy transition gives petrochem industry new opportunities
Zhanna Golodryga, executive VP of emerging energy and sustainability with Phillips 66
"We, the petrochemical industry, will be a big part of it," she said. "Energy comes in different shapes and forms, so all these years of experience we have in understanding the molecules as well as the electrons, we believe, will be a big part of the future."
Phillips 66 is a multinational energy and manufacturing company that has 22,000+ miles of pipeline, Golodryga said, "so we have an opportunity to fuel carbon capture."
Another opportunity for Phillips 66 and the industry as a whole, according to Golodryga, is the burgeoning demand for batteries as vehicles transition to electric power.
"We are the largest manufacturer of premium fuel cokes," she said, speaking on a panel discussing reconfiguring refineries in the future during CERAWeek by S&P Global. "So when you bring it all together, we have a pretty good future view of what renewables will look like. We can also bring in renewable power with solar, which we are doing, and we also have the digital refinery of the future."
When all these transitional resources are brought together strategically, Golodryga said, the future of energy sources will be a matter of "and," not "or."
"We need to turn waste and carbon dioxide back into something usable, and we will need technology for that," said Juan Abascal, executive managing director of industrial transformation and circular economy with Repsol. "This will be one of the main parts of the refinery of the future — the use of carbon and hydrogen, and the technology that goes along with them."
This transition also necessitates the development of "a different business model," Abascal said.
Robert Sleszynski, executive director of strategy, mergers and acquisitions and investor relations with PKN ORLEN S.A. noted that in some parts of Europe, the demand for traditional fuels is still growing, "for some reason."
Energy transition gives petrochem industry new opportunities
Juan Abascal, executive managing director of industrial transformation and circular economy with Repsol
"At the same time, we are committing to net-zero emissions and to eliminate CO2 emissions at a comparable rate to western countries," Sleszynski said. "We have committed to tripling our investment in renewables. It is important to recognize the differences in our regions. We need to be creative — and we need to have access to capital."
Golodryga expressed the need for companies to form strong partnerships to achieve these goals.
"We have had partnerships for quite a long time, but this is a different level of partnership because broadening and expanding — especially when we are talking about technology and partnering with universities or tech companies, or things like that — requires doing a few things differently.
"There is risk for our industry, and not all risk is equal," Golodryga continued. "We have the opportunity to describe and mitigate the risk. I think this is really, really important, because everyone knows that anything can go wrong — anything can happen. So in our partnerships, we have to make sure we have the right companies. Focusing on how we’re going to make this transition to the next level is critical, and I’m really excited to be part of an industry that is so critical for the future."
Sleszynski said he agreed with Golodryga’s optimism and excitement, yet simultaneously emphasized the importance of "reasonable regulation that will not kill the creativity of our business."
