Materials News

Gulf region potential growth market

W

Al-Mady highlighted in his keynote address that Gulf-based producers were able to continue implementing strategic moves during the economic downturn and said that now that the world economic situation has improved, the Gulf petrochemical industry would emerge as one of the strongest production hubs in the global industry.

Al-Mady also said, "The global trend currently pursued by major petrochemical companies is to focus on the search for feedstock availability as well as the proximity to markets for the export of their products. This is a competitive advantage," he said, "that has helped the Gulf region attract new investments in the petrochemical industry based on the availability of abundant feedstock in this region, as well as proximity to key emerging high-growth markets."

However, he did not rule out challenges ahead for the industry, especially if the Gulf region's states do not provide feedstock and energy and adhere to global environmental standards, particularly those related to carbon dioxide emissions.

He also pointed out the successful decision by GPCA to join the international chemicals industry's Responsible Care programme, which is a global initiative for the manufacture of chemicals based on commitment to the highest international standards of environment, health and safety. This decision is in line with GPCA's plans and objectives, he said, that has also led to the expansion in the number of companies joining GPCA. Membership now stands at 146 companies, compared to 62 at the time the association was established in 2006.

GPCA membership includes seven of the world's top ten chemical and petrochemical companies.