"What are the fundamental principles governing mass and energy conservation in chemical engineering processes? Discuss the laws of thermodynamics, including energy transfer, entropy, and equilibrium, and their application in reaction kinetics and process design. Explore the role of material and energy balances in analyzing and optimizing chemical processes. Additionally, explain the significance of transport phenomena, such as heat and mass transfer, in industrial operations. Illustrate with examples how chemical engineers apply these principles to design sustainable production methods, optimize resource utilization, and minimize environmental impact in industries like petrochemicals, pharmaceuticals, and renewable energy."