The Relationship between the Release of CO2, Value Added and Energy Consumption of the Power Plant and Refinery Sectors

Power plants and refineries due to their process and consumption of fossil fuels release carbon dioxide into the environment and, as a consequence, both industries are polluting. In this study, the link between energy consumption and carbon dioxide emissions at power plants and refineries is surveyed as added value in the form of Environmental Kuznets Curve. Results indicate that the bell-shaped curve for environmental studies of power plants as well as refineries over the period 1997-8 to 2011-12 is established. Results have shown a U-shaped relationship for power plants and N-shaped interfaces for the refinery. This means that, during the economic growth in power plants, CO2 emissions are increasing and, in refineries, that process has first decreased and then increased. Also, as a part of this study, energy consumption had a positive significant correlation with CO2 emissions.