Environmental Considerations in International Oil Contracts

Oil is of great importance in many industries and is regarded as the main source of energy around the world. It accounts for 32 percent of energy supply in Europe and Asia and over 53 percent in the Middle East. The industry's highest volume of products include fuel oil and diesel. Oil is used as a raw material in manufacturing many chemical products such as medicines, solvents, fertilizers, pesticides, and so on. Given the position of the petrochemical industry in modern world, its adverse effects on human life and environment should not be neglected. Thus, new solutions for reducing these damages should be considered. Nowadays, refineries release millions of pounds of pollutants, including volatile organic compounds, So2, suspended particles of H2S, and HAPs into the air, posing a serious threat to human health and the environment notably in industrial societies. These pollutants dramatically affect various parts of the ecosystem, environment and organisms. Therefore, this study aims to investigate the clauses on environmental protection in oil contracts of different countries.