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- Tilsted, Joachim Peter, et al.
(author)
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Connected we stand: Lead firm ownership ties in the global petrochemical industry
- 2024
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In: Ecological Economics. - 0921-8009. ; 224
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Journal article (peer-reviewed)abstract
- Using oil, gas, and coal to produce platform chemicals on an enormous scale, the petrochemical industry constitutes a core part of the global energy order. Given demand growth for petrochemicals, the sector is set to become increasingly important to fossil fuel interests. Arguing that internationalised networks help structure the social metabolism and are important for transformative change, this paper sets out to analyse economic ties in the global petrochemical industry. In this paper, we conceptualise such relations and explore how they foster alignment on a global scale. We emphasise the role of internationalised networks in global socio-technical regimes, arguing for the importance of economic ties that establish a financial and juridical relation. On this basis, we theorise that extensive lead firm ties strengthen global regimes and shape socio-technical reconfigurations to align the interests of incumbent actors. Applying this framework, we analyse ownership relations amongst lead firms in the global petrochemical sector. We find a polycentric but global network aligning interests across major producers which we argue helps maintain and reproduce commitments to fossil fuels. The findings illustrate the relevance of pursuing parallel transitions along the petrochemical value chain, including energy, chemicals, and plastics, to break from fossil fuel dependency.
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