Year: 2026
Type: article
Abstract: While demand for oil as an energy source is projected to decline, petrochemical demand is expected to grow significantly. Toward securing future profitability, oil and gas (O&G) firms are pivoting toward 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 analyze how transnational private and state-owned O&G firms navigate these shifts. We argue that divergent firm-level strategies constitute forms of ‘geostrategic’ globalization 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.
Language: English
Subfield: General Energy
Field: Energy
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W7213450108