Published on : Dec 13, 2013
Saudi Arabia’s Assistant Minister of Petroleum and Mineral Resources, His Royal Highness Prince Abdulaziz bin Salman Bin Abdulaziz inaugurates the 8th GPCA Annual Forum in Dubai. This is the 2012 edition of the priceless Facts & Figures industry reference.
From the previous year’s figure – US$3.2 billion, the Gulf’s petrochemicals output reached a figure of US$97.3 billion in 2012. This was recorded to the recent industry report known as the Gulf Petrochemicals & Chemicals Association (GPCA). GPCA is remarkably recognized as the region’s longest trade association. Last year, the Gulf’s petrochemicals industry earned a value of US$52.7 billion is the export revenues industry.
Moreover, the GCC petrochemicals output has risen by 19% a year. This raise has taken place after five years and is known to be the highest growth seen in the petrochemicals-producing region across the world. Over the last few years, probably the last three decades, GCC petrochemicals domain has spanned from being chemical importing industry to the sector that exports a high-value of goods to the global markets. Due to this trend, the region’s economy in terms of job creation has transformed and increased, said Dr. Abdulwahab Al Sadoun, Secretary General of the GPCA.
The GCC is doing well these days and holds a good position in the industry. They have been a cost-leader on a global level due to the favorably priced feedstock. However, the regional producers must not be very complacent about the growth in the future, warns Dr. Al Sadoun. This is because cheap raw materials are easily accessible and available everywhere in the industry, which makes the Gulf’s various chemical producers draft more well-planned and approached strategies in order to focus on the growth as well as maintain their position and cost leadership image in the market.
The GPCA’s Facts and Figures report is the yearly publication based on the GCC’s petrochemical sector. This report along with the Annual Forum is key industry initiatives that exercise in contributing awareness of several issues found in the petrochemical industry. The report is in its second edition status. It provides information on broad ranging subjects such as employment, trade, and product capacity, added Dr. Al Sadoun.
This event was held on the theme of Innovation: The Foundation for Chemical Value Chain Leadership. It includes a number of eminent personnel and spokespeople welcoming about 1,700 delegates from 50 different countries across the world.
The forum’s address was presented by His Royal Highness Prince Abdulaziz bin Salman Bin Abdulaziz, while Stephen Pryor, the President of ExxonMobil Chemical Co., addressed the visiting delegates on the opening day.