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According to The Petrochemicals Europe, the petrochemical industry is a substantial contributor to Europe’s economic development and represents over 27,1% of the European chemical industry turnover which generates €649 billion in sales in Europe (as of 2014). So, the petrochemical sector plays an important role in Europe’s economic value chain with over 79% of global chemical sales occurring within Europe.
Taking into account the European Commission in its annual report on competitiveness [2015], the EU Refinery Industry was the leading industrial sector in process innovation and among the top four for product innovation.