March 13, 2023
The refining industry is positioned to drive innovation in emerging energy and play a critical role in a low-carbon future, EVP of Emerging Energy & Sustainability Zhanna Golodryga said at CERAWeek in Houston.
Golodryga said energy transition needs refining, with its more than 100 years of expertise in molecule and electrons management.
“Energy transition is not going to happen without the oil and gas sector. We have the physical assets, technology expertise, and digital advancements to play a key role,” said Golodryga, who participated in a panel discussion called ‘Refineries for the Future.’ “Phillips 66 and our industry are going to be a big part of the future, in providing energy and improving lives.”
CERAWeek is widely seen as the world’s preeminent energy conference, attracting leaders in industry, government and media worldwide.
Golodryga was joined on the panel by Juan Abascal, Executive Managing Director of Industrial Transformation and Circular Economy at Spain’s Repsol and Robert Sleszynski, Executive Director, Strategy M&A and IR at PKN Orlen, a Polish refiner.
Phillips 66 is focused in the near-term on renewable fuels opportunities, Golodryga said, citing Rodeo Renewed, the conversion of Phillips 66’s Rodeo refinery into one of the premier renewable fuel’s facilities.
“The Phillips 66 Energy transition is underway,” she said.
Golodryga said Phillips 66 will leverage the strength of its existing assets as well as its expertise to pursue low-carbon opportunities in batteries, hydrogen and carbon capture.
“When you bring all of these opportunities together and take advantage of our digital footprint,” she said, “we create the refinery of the future.”
How is Phillips 66 deciding where to invest?
Golodryga said the company’s low-carbon investment decisions are based on five “Rights” — Right Returns, Right Technology, Right Regulations, Right Partnerships and Right Timing.
In addition, she said, end-to-end value chain integration is a critical ingredient to achieving the optimal outcome.
On low-carbon energy incentives, including the ones in the Inflation Reduction Act, Golodryga said they create an extraordinary opportunity for Phillips 66 to participate in the energy transition.