The GCC petrochemical industry has remained strong despite the prevailing economic climate but has to adapt to a rapidly changing market, according to the chief executive officer of Sabic, Mohammed Al-Mady
Al-Mady, who is also the GPCA chairman, spoke at the opening of the seventh annual GPCA forum in Dubai.
“Production capacity has grown by 13.5 per cent since last year to reach nearly 160bn tonnes up from 102bn tonnes in 2010. Sales generated by the GCC petrochemical sector reached US$100bn in 2011,” he noted.
These figures reveal the strength and remarkable resilience of the GCC petrochemical industry, but Al-Mady argued that to sustain this growth the industry needed to change.
“The industry must take a technology driven approach to remain competitive in an ever changing marketplace," he said. "We need to be more focused on advanced technologies and look at even more innovative solutions."
Al-Mady added that the growing shale gas industry in the US and the push for sustainable energy will have a direct and profound impact on the chemical industry in the region.
“We must accept this reality and we should look beyond our feedstock base competitive advantage to compete on a global basis,” he explained.
Al-Mady addeed that sustainable solutions will lead to further growth with the better utilisation of feedstocks.
“We need to reduce waste and increase efficiency by replacing ageing facilities,” he said.
“We have worked hard to earn and maintain our leadership position in the petrochemical and chemical industry through a deeply rooted commitment to adapt to change in the market.”
