Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
GCC Petchem Industry Can Become Global Powerhouse Through Greater Collaboration
 

ADNOC CEO calls on regional players to work together to tap growth opportunities 

Abu Dhabi, UAE – November 29, 2016:  GCC petrochemical producers should explore new partnership models for collaboration to collectively capitalise on market access, if they are to become a global industry powerhouse, according to His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

Speaking at the 11th annual Gulf Petrochemicals and Chemicals Association conference, in Dubai, H.E Dr Al Jaber called on GCC petrochemical producers to think creatively about how best to seize the opportunities presented by growing demand for petrochemical products, particularly in Asia.

“Let us look beyond our borders and collaborate more closely,” said H.E. Dr Al Jaber. “Let us overcome barriers, by enhancing trade policies, and collectively capitalise on market access. By doing so, the GCC can become a truly global powerhouse.

“By working together, leveraging our combined strengths, aligning our interests and investing together, we can extend our reach, increase our competitive advantages and grow our market share.”

H.E. Dr Al Jaber told conference delegates that partnerships are more critical than ever, if GCC petrochemical companies are to thrive in today’s intensely competitive global economy.

“The sheer growth scale, and diversity of the petrochemical demand curve, requires us to shape partnership models, best suited to seize the moment,” he added.

According to H.E. Dr Al Jaber, the greatest opportunity for GCC petrochemical producers lies in the economic shift from the low growth markets in the west to the high growth markets in the east. By 2030, he pointed out, Asia will become the main driver of global economic growth, with demand for petrochemicals doubling.

But whilst the GCC petrochemicals industry has been growing at over 10 per cent every year since 2000, its growth must accelerate, if it is to keep pace with demand. According to Platts Petrochemical Analytics, the global demand for polyethylene will exceed supply post 2022, opening up further growth opportunities.

Highlighting, ADNOC’s recently approved 2030 strategy and five-year business plan, H.E. Dr Sultan said ADNOC plans to almost triple its petrochemical production capacity, from 4.5 to 11.4 million tonnes per year, by 2025.

“To achieve this we will seamlessly integrate our refining and petrochemical businesses and exploit the full portfolio of derivatives from naphtha. In doing so, we will maximize value and maintain strong margins,” H.E. Dr Al Jaber said.

In parallel with the GCC industry’s efforts to build new partnerships, H.E. Dr Al Jaber said opportunities to build bridges and alliances with companies globally should also be pursued, adding that a fresh, creative approach is needed to open new market opportunities and shorten the distance to the customer and consumer.

“These partnerships should benefit our shareholders and our stakeholders alike, building not just profit, but social progress as well. With the right partners, we can generate greater value and maximise the benefits,” H.E. Dr Al Jaber said.

“We at ADNOC are ready, willing and able to forge new partnerships that will help propel the region’s industry forward.”

According to Platts Petrochemical Analytics, the top three markets for Middle East Polyethylene in 2015 were China, with 3.6 million tonnes per annum, followed by Singapore with 1.1 million tonnes per annum and India with 0.75 million tonnes per annum. By 2025, Asia is projected to account for 62 per cent of global polyethylene demand, with China and India the biggest markets. 

Posted by : Dubai PR Network Editorial Team
Viewed 9790 times
PR Category : Energy and Industry
Posted on : Tuesday, November 29, 2016  1:31:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Al Hosn Gas Plant Expansion a Step Closer with Award of Desi...
Next Story : ADNOC Distribution Hosts Joint Inspection Group Workshop for...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Global Innovations on its first day of success during the Arabian Travel Market 2017 [12853-Views]
TRESemme Hair Academy Launches in Arabia with Georges Mendelek and Alanoud Badr [11175-Views]
Alice + Olivia by Stacey Bendet takes over the W Café Doha [10895-Views]
ArabianTravel Market: New partnerships and tailored services for Middle Eastern guests [10108-Views]
MASSIMO DUTTI SS17 inspires an essential piece for Massimo Dutti women [9516-Views]
Tame Your Beard with The Art Of Shaving [9394-Views]
Introducing the First Collection of Luxurious Oriental Scents from Juicy Couture [9211-Views]
TAG Heuer announces its partnership with Dubai at Arabian Travel Market 2017 [7344-Views]
8 Reasons Why you will never drink green tea again [6856-Views]
Doha Bank achieves 2.9% profit growth with impressive ratios [6405-Views]
Roderer's RFID-blocking wallets [6356-Views]
Stadium's Outfit of the Week: Speedo swimwear [6295-Views]
Joyalukkas Opens a world of choice in Al Ahsa [6259-Views]
Artificial Intelligence and LG's Robotic Technologies are set to change the way will live ... [6155-Views]
Jewel Corner Opens Kiosk In The Heart of Sharjah, At Mega Mall [5917-Views]
Malabar Gold & Diamonds opens its 175th showroom in Nagercoil, Tamil Nadu, India [5697-Views]
Arabian Automobiles Company Announces ‘Buy Now Pay Later' Scheme [5655-Views]
MG E-motion Concept Makes World Premiere at the 17th Shanghai International Auto Show [5612-Views]
Chronoswiss Flying Regulator Wins Coveted Red Dot Design Award [5435-Views]
World Premiere – New BOVET Timepiece [5264-Views]
The 2nd edition of Modern Woman Show opens at Dubai World Trade Centre [5264-Views]
Mobile Doctors 24-7 introduces unique digital healthcare solution as part of Dubai Future ... [5063-Views]
Doha Bank Hosts Its Annual ‘Beach Clean-up' Event to Celebrate the Earth Day in Collaborat... [5014-Views]
Fa Soft & Control [5002-Views]
Renault Trucks' Ultra-Tough, New K Xtrem Arrives in the Middle East [4563-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories