28-11-2012
SABIC sees technology and innovation as key to future success of Gulf petrochemical industry
The petrochemical industry in the Gulf region needs to focus more on technology and innovation, offer customers more technologically advanced products and design products that meet global demand, said Mohamed Al-Mady, SABIC Vice Chairman and CEO, who is also Chairman of the Gulf Petrochemicals and Chemicals Association (GPCA), while speaking at the Seventh GPCA Forum in Dubai on November 28.
In his opening remarks to a large gathering of industry leaders at the three-day Forum, under the theme “Sustaining Competitiveness in a Rapidly Changing World,” Al-Mady said that the region’s future competitive advantage will have less to do with feedstock price and supply and more to do with technology and innovation. “We need to direct our efforts towards offering our customers more technologically-advanced and complex products. Our future success centers on our ability to reach out to customers looking for more sophisticated and technologically-advanced products,” he said.
Al-Mady said that the global petrochemicals industry has worked hard to recover from the slump of late 2008 and early 2009. The Gulf petrochemical industry has also shown impressive strength and remarkable resilience, though still in its infancy, he said.
Citing the increasing importance of sustainability, Al-Mady said that it plays a significant role in the competitive landscape – providing more feedstock options and less waste.
He said many chemical companies have forced reduction in waste and improved efficiency, as energy and water costs have risen and government mandate has forced technological advances required for emission reduction. To remain competitive, a balance needs to be struck between the burning of hydrocarbons for electricity and water production and the development of value-added downstream industrial development, he pointed out.
The GPCA annual forum is a pivotal event in the global petrochemicals and chemicals calendar, providing attendees with an opportunity to access and network with industry leaders and decision-makers, and gain the latest market intelligence.
News Category:
-
Technip Energies and KBR selected for major LNG project by Lake Charles LNG
The KTJV joint venture between Technip Energies and KBR has been selected for a major Engineering, Procurement, Fabrication and Construction (EPFC) project by Lake Charles ...
20-09-2024
-
Stamicarbon awarded licensing and process design package for El Delta urea plant expansion in Egypt
Stamicarbon, the nitrogen technology licensor of MAIRE S.p.A., has been awarded the licensing and the Process Design Package (PDP) for the upgrade and expansion of El ...
18-09-2024
-
Sinopec Técnicas Reunidas JV awarded large petrochemical unit in Kazakhstan
A consortium led by KazMunayGas, Kazakhstan’s state-owned oil and gas company, has awarded the development of a steam cracker to a joint venture formed by the Chinese ...
18-09-2024
-
Zeopore is initiating discussions with candidate partners to jointly commercialise its unique zeolite mesoporisation route, combining improved hydrocracking (HDC) performance ...
17-09-2024
-
MT Group signs contract with Ørsted to build large-scale CO2 Capture and Storage facility
MT Group, an EPC contractor engaged in strategic energy and industrial infrastructure projects across Europe, has signed a contract with Danish energy leader Ørsted ...
16-09-2024
-
Gevo receive patent for breakthrough Ethanol-to-Olefin process
Gevo Inc, is proud to announce the U.S. Patent and Trademark Office has granted to Gevo, a patent for its ethanol to olefins process. This patent further cements Gevo’s ...
16-09-2024
-
Indian Oil selects UNIPOL™ PE process for a world-scale production line
Indian Oil Corporation Ltd, has selected Univation's UNIPOL™ PE Process Technology for a world-scale production line to be located at IOCL's Paradip Petrochemical Complex ...
16-09-2024
-
ExxonMobil Basestocks expands presence with new supply terminal in the UK
ExxonMobil Basestocks is expanding its service to better meet customer demand for Group I, Group II and Group II+ products by opening a new supply terminal in Dagenham, ...
16-09-2024
-
Mitsubishi and ExxonMobil agreement to advance world’s largest low-carbon hydrogen project
Mitsubishi Corporation and Exxon Mobil Corporation have signed a Project Framework Agreement for Mitsubishi Corporation’s participation in ExxonMobil’s facility in ...
13-09-2024
-
NEXTCHEM to upgrade and expand the capacity of the Heydar Aliyev Oil Refinery
MAIRE announces that NEXTCHEM, through its subsidiary NextChem Tech, has been awarded by SOCAR two contracts to upgrade and expand the capacity of the Heydar Aliyev Oil ...
13-09-2024