GCC to develop petrochemical industries to face changes

DUBAI: Developing and investing in the field of petrochemicals industries is important for the GCC countries to adapt to the current economic situation in the world and achieve sustainable development, stressed UAE Minister of Energy Suhail AlMazrouei.

In his speech at the 10th session of the forum of the Gulf Petrochemicals and Chemicals Association (GPCA) yesterday, the minister noted that the GCC states must cooperate to remain among the top producers of petrochemicals to ensure economic variety. The GCC succeeded in seizing a large part of petrochemical industries’ share in international markets in the past 50 years, said the official, adding that they must also pay attention to the growing needs of their foreign customers in the field.

Meanwhile, Chairman of the Board of GPCA Rashid Al-Shamsi said that the annual three-day meeting is a great opportunity to share experience and learn of the recent international developments in the industries to keep up with the high competitive levels. He also noted that the production rate of the GCC states in petrochemicals has risen by three folds, reaching 136 million tons in 2014, while the sales rate was recorded at $87.4 billion.

Shamsi also said that petrochemical companies must switch from producing tradition products into more specialized substances in order to face the effects of the drop in oil prices and to provide products that could boost the value of local markets and exports.

In the same context, Governor and Chairman of the Board of Directors of Saudi Arabian General Investment Authority (SAGIA) Abdullatif Al-Othman stated that despite being pioneers in the field, the Gulf states are still importing petrochemical products including tires, engine fuel, personal care products and home supplies.

GPCA, the first such industry association in the Middle East, has grown from strength to strength since its inception in March 2006, steering the regional industry towards a whole new era of co-operation. As the Gulf’s representative body, GPCA aims to enhance the role of the region in international debate and policy making vis-a-vis petrochemicals and chemicals, to facilitate regional co-operation, and to ensure that growth is both sustainable and socially responsible.

GPCA’s mission is to offer its members networking opportunities through various platforms to meet and share knowledge; exchange insights and expertise and advocate the development, growth and prosperity of the petrochemicals and chemicals industry and related businesses in the Gulf. — KUNA