The petrochemicals and chemicals industry in the Middle East must invest collaboratively in partnerships and concrete, actionable ideas if it is to sustain future growth trajectory, according to Yousef A Al-Benyan, chief executive officer of Saudi Arabia’s state-run firm SABIC and chairman of the Gulf Petrochemical and Chemical Association (GPCA).
“Strategic partnerships are a winning proposition. In the Middle East region, they have proven to be very successful and 55 per cent of the total chemical capacities are run in partnership mode. This is significantly higher than the global average of 25 per cent. However, Middle Eastern players have been conservative in striking meaningful partnerships outside the region and there is room for improvement. This must be a strategic focus area for industrial leaders to capture growth, improve competitiveness, and achieve earnings diversification while delivering value to the shareholders,” A SABIC press release quoted Al-Benyan as saying.
The GPCA represents the downstream hydrocarbon industry in the Arabian Gulf. Established in 2006, the association voices the common interests of more than 250 member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the Gulf region.
SABIC CEO urges concerted investment in Gulf partnerships
