EQUATE sponsors 10th Annual GPCA Forum
EQUATE Petrochemical Company, Kuwait’s first international joint venture in this industry, sponsored the 10th Annual Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum, which is considered one of the most celebrated industrial events through gathering top executives from around the world.
EQUATE President and CEO Mohammad Husain said,“Our participation in the 10th edition of GPCA Annual Forum is an embodiment of our commitment to this organization that plays a critical role in supporting the petrochemical and chemical industries throughout the world, not only the Gulf. EQUATE is honored to have been one of the active ‘Partners in Success’in all GPCA events throughout the years, including the first ever GPCA Forum.”
Husain, who is also a GPCA Board Member, noted“Although the revenues of the global petrochemical and chemical industries have exceeded $4.2 trillion during 2014, the Gulf‘s share from these revenues were only 2 percent. During that year, the Gulf had a 6 percent share of the global production which reached over 21.5 billion tons.”
Husain added“Moreover, in 2014, the Gulf’s total petrochemical exports exceeded 67 million tons valued at $62 billion, with Kuwait having only a 7 percent share of total production with 8.6 million tons.” Husain emphasized,“This is a long-term strategic industry and it has a cyclic nature. For that, companies have to build their resilience and reliability to be prepared for any future down-dips in the cycle. In terms of overall international market conditions, difficulties have been witnessed throughout different regions.”
Husain noted,“Challenges facing our industries remain the same in terms of fluctuating prices due to supply and demand, feedstock availability, adequate infrastructure and, most important, specialized human capital. At the same, the Gulf’s petrochemical and chemical producers have been successful at maintaining their global presence through innovative solutions, high-quality products and top in-class services.”
During the exhibition on the sidelines of the Forum, EQUATE hosted the UAE Energy Minister His Excellency Suhail Mohamed Faraj Al Mazrouei, the Chairman of the Chairman of the Royal Commission for Jubail and Yanbu in Saudi Arabia His Highness Prince Saud bin Abdullah bin Thunayan, the Governor of the Saudi Arabian General Investment Authority (SAGIA) Abdulatif Al-Othman and other prominent figures.
The 10th Annual GPCA Forum 2015, is held in Dubai, UAE, during November 17-19. The forum gathers top executives from petrochemical and chemical companies, as well as government bodies and other entities to discuss various topics.