EQUATE highlights Gulf’s role as a key contributor to petrochemical industry

DUBAI: EQUATE Group, a global producer of petrochemicals, sponsored the 12th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum to support the pioneering role of the Arabian Gulf’s industrial sector. The forum includes the participation of industrial leaders and professionals from across the globe.

EQUATE’s President and CEO, Dr Ramesh Ramachandran, said, “During 2016, the Arabian Gulf’s combined petrochemical and chemical capacities exceeded 142 million tons with sales surpassing USD 76 billion and exporting more than 70 million tons. Clearly, these figures show the region’s impact on the global industrial sector with petrochemicals being the Arabian Gulf’s second main source of income.”

Ramachandran noted, “The rising global demand for petrochemicals reinforces the fact that our industry is key for countries to grow and increase their gross domestic product (GDP). Every key component of GDP growth such as foods, clothing, packaging and transportation is served and supported by our industry. On the other hand, there are also headwinds for the Gulf. The region’s producers clearly see the challenges posed by protectionism as well as new capacities resulting from shale gas. EQUATE’s growth strategy has enabled us to overcome this challenge and be the first Middle East-based petrochemical producer to build a world class facility in the US Gulf Coast. Diversifying our asset base is an important component for us to sustain our growth. Overall, we have to maintain our progress to serve our customers who are also growing. Naturally, markets influence strategy and supply should follow the markets.”

“As a global enterprise, EQUATE launched its 2025 Sustainability Strategy that is linked to the United Nation’s 17 Sustainable Development Goals (SDGS). We firmly believe that sustainability is a key component for growth through creating added value by focusing on the key pillars of education, community, economy, environment, health and safety,” added Ramachandran.

As part of its participation in the event for the 12th consecutive year, EQUATE sponsored a professor and students from the College of Engineering and Petroleum at Kuwait University to attend the forum and interact with other delegates. The initiative is part of a Memorandum of Understanding (MoU) signed with the university for partnership and collaboration in industrial and academic fields.

The 12th Annual GPCA Forum was held in Dubai, UAE, during November 27 to 29, 2017. The forum gathered over 2,000 top executives from petrochemical and chemical companies as well as government bodies and other entities from around the globe to discuss various topics.