How do the principles of thermodynamics, fluid mechanics, and mass transfer intertwine to form the theoretical framework of chemical engineering? Discuss the role of equilibrium concepts, such as phase diagrams and reaction kinetics, in designing processes for efficient production and separation of chemical compounds. Explore the application of transport phenomena in understanding the behavior of fluids and heat exchange in industrial settings. Additionally, analyze how mathematical modeling and computational simulations aid in optimizing reactor design and process control. Ultimately, elucidate how this interdisciplinary approach underpins the foundation of chemical engineering, driving innovation and sustainability in various industries.