GOIC concludes petrochemicals workshop in London
A Key Petrochemicals Workshop titled ‘Petrochemicals: key issues and strategy’ convened in London on 26th – 27 August, designed to address the challenges facing the petrochemicals industry in the GCC region.
A joint effort by the Gulf Organisation for Industrial Consulting (GOIC), and International eChem (IeC), a UK-based consultancy company, the workshop comes at a time when it is highly necessary for the Gulf Petrochemicals industry to call for regional efforts to jointly address challenges and prepare to benefit from the opportunities that arise with these challenges.
Attendees included senior decision makers from major players in the GCC petrochemicals industry in addition to investors who are focusing on investing in chemical and petrochemicals industry.
GOIC Secretary General His Excellency Mr. Abdulaziz Bin Hamad Al-Ageel, said, “Our workshop today comes at a time that it is highly needed to call for collective regional efforts to address jointly the challenges that face our petrochemical industry and to prepare to benefit from the opportunities that arise with these challenges. GCC region is now a major player in meeting the world demand for petrochemicals. In 2013, the region was producing more than 120 million tons of petrochemicals annually. Its share in the world ethylene production capacity exceeded the 24% level while its ethylene Glycol’s share, an important chemical component, was more than 50%.”
According to our statistics, the region has invested more than US $ 500 billion in the chemical petrochemical and this investment has generated more 100,000 job opportunities. However, more jobs are created by small and medium enterprises.
GOIC Secretary General added: Despite the fact that the GCC petrochemical industry has established itself worldwide, however we all know that challenges continue to surface from time to time and it is a fact that also these challenges bear opportunities in between. The issue of feedstock limitation that the region is currently facing due to limit in natural gas availability and the completion that arises from shale gas and oil in the United States, is a point in case. The region needs to address these issues in a coordinated efforts aiming at sustaining its comparative advantage in the world petrochemical business.
Al-Ageel said, We at GOIC strongly believe that joint efforts, especially in the area of technology and innovation, can achieve the goal of sustaining the region comparative advantage. Moving more into Downstream and targeting new markets in the Middle East and Africa will be one of the best ways to ensure these results. We will be continuing to work with the private sector to identify viable opportunities and supporting the governments to adopt strategies that promote sustainable and stronger industrial facilities in the region. We have recently worked with a number of investors across the region and identify some opportunities that are now at a very advanced stage in their implementation.”
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