PTQ Q3 2023 Issue

In an industry that is not inherently sustainable, there is an impetus to reimagine waste. If initiatives are not already in place, the current post-pandemic period is a perfect opportunity for companies to permanently improve their commitment to the environment and society. Some believe there have been insignificant solutions for how oil practices can be greener, particularly in the refinery processes. For this reason, ESG has conceded to a reputation as difficult to implement and a profit-killer. In reality, the opposite is true. The right solutions can have a positive and profitable effect across the entire spectrum of the oil industry. Conclusion Although there is a concerted global push to shift from fos- sil fuels to renewable sources, volumes of oil will continue to be produced to meet expanding energy and manufactur- ing needs. The December 2022 International Energy Agency (IEA) Oil Market Report, one of the world’s most authoritative sources on the global oil market, states an increase in cur - rent oil consumption, with continuing increased demand in immediate years. With that increase, ESG issues within the industry, which had previously been placed lower on the priority scale, have rightfully surfaced to the top and become a genuine focus in recent years. Industry executives are making more sustainability-re - lated changes to their operations, largely driven by increased

government interventions, shifting public expectations, and mounting pressures from the investment community. The trend is expected to continue as governments and society demand continued action. The oil and gas compa- nies that choose to embrace ESG will be in a higher compet- itive position and regulatory compliant, and controversies surrounding commitments to ESG issues will be mitigated. Advances in environmentally friendly technologies, such as spent caustic treatment technologies, are key to the industry’s transition and environmental sustainability. As the oil industry works toward that higher level of sustain - ability, it will seek partners for the development and pro - duction of sulphur removal, caustic treating, spent caustic treatment technologies, and caustic services for sulphidics, naphthenics, spent potassium hydroxide (KOH), disulphide oils (DSO), off-spec hydrocarbons, and off-spec sodium hydroxide. Recycling and reuse will help ensure that companies adhere to health, safety, and environmental regulations and increase their contributions to the societies in which they operate. They will also be rewarded with increased trust and positive brand reputation, accelerated growth, higher customer loyalty, improved financial performance, and the ability to attract and retain new talent. MERICON I, II, and III are marks of Merichem Company. James G Aiello is Managing Director of Sales & Technology Licensing, Merichem Company.

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PTQ Q3 2023