His Royal Highness Prince Abdulaziz bin Salman Bin Abdulaziz, Saudi Arabia’s Deputy Minister of Petroleum and Mineral Resources, will deliver the inaugural address of the 8th Annual Gulf Petrochemicals & Chemicals Association (GPCA) Forum.
“Saudi Arabia remains the hub of the Middle East’s petrochemicals sector and is central to the interests of our industry globally,” said Dr. Abdulwahab Al Sadoun, Secretary General of the GPCA. “Receiving His Royal Highness at our eighth annual gathering will offer rare insight into the strategies needed for the sustainable growth of the petrochemicals industry.”
Saudi Arabia accounts for 67% of the GCC’s petrochemicals production, with an output of 86.4 million tons in 2012, a year-on-year increase of 6 million tons of capacity. The GCC sector as a whole, meanwhile, grew 5.5% in 2012 compared with the previous year, generating sales revenue close to $82 billion, despite the on-going recession in Europe and a slow-down in the Asian economies.
Petrochemicals expansion is continuing apace in Saudi Arabia as the Kingdom attempts to stimulate economic diversification and job creation. The $20 billion Sadara complex in the eastern industrial city of Jubail, due for completion in 2016, is one of a number of world-scale projects which reflects the Kingdom’s strategic investment in downstream development.
By 2016, about 120 new grades and products will be added to the industry’s petrochemical products portfolio in Saudi Arabia stimulating further expansion
“The participation of His Royal Highness underscores the growing prestige and global profile of the GPCA Annual Forum, which is now firmly established as the foremost meeting place for the decision makers of our industry,” added Dr. Al-Sadoun. “Last year our forum welcomed 1,600 participants from 48 countries and the rapid developments within petrochemicals regionally and around the world will ensure an equally diverse attendance this year.”
Previous inaugural addresses at the GPCA Annual Forums have been made by His Excellency Minster Ali Al-Nuaimi, Saudi Minister for Petroleum & Minerals; Dr. Rashid Bin Fahad, UAE Minster of Environment & Water; and Sheikha Lubna Al-Qasimi, UAE Minster of Foreign Trade.
The 8th GPCA Annual Forum will be held under the theme of “Innovation: The Foundation for Chemical Value Chain Leadership”. Top executives from Dow Chemical, Borealis, ExxonMobil Chemical, LyondellBasel as well as the regional leader Sabic will provide insights into how innovation can provide solutions to issues related to feedstock challenges, new market dynamics and business optimization.
