Oleochemicals are chemicals derived from oils and fats, however, the term ‘natural oleochemicals’ often refers to oleochemicals derived from vegetable and animal oils and fats to differentiate them from ‘synthetic oleochemicals’, which are derived from petroleum. Oils/fats are triglycerides formed from one molecule of glycerol and three molecules of fatty acids. The reverse of this reaction, i.e. the hydrolysis of oils/fats to the corresponding fatty acids and glycerol, forms the basis of the oleochemical industry.