The petrochemical pivot: geostrategic globalisation and the future of oil and gas

While demand for oil as an energy source is projected to decline, petrochemical demand is expected to grow significantly. Towards securing future profitability, oil and gas (O&G) firms are pivoting towards petrochemicals. We contend that this ‘petrochemical pivot’ demands an explicitly geopolitical account of firm strategy; it is unfolding within a conjuncture shaped by intensifying geopolitical rivalry and the global resurgence of state capitalist practices. By foregrounding these tensions, alongside changes in the geography of petrochemical production, we analyse how transnational private and state-owned O&G firms navigate these shifts. We argue that divergent firm-level strategies constitute forms of ‘geostrategic’ globalisation as firms seek to hedge against or align with major energy powers. Through four vignettes of leading International and National Oil Companies (IOCs and NOCs), we show how geopolitical imperatives and variegated strategies are reconfiguring fossil capital within a fragmenting global energy order.