The rising global demand for petrochemicals reinforces the fact that the sector is key for regional countries to grow and increase their gross domestic product (GDP), said an industry expert.

Participating in the ongoing 12th annual Gulf Petrochemicals & Chemicals Association (GPCA) Forum in Dubai, Equate’s president and CEO, Dr Ramesh Ramachandran, said: “During 2016, the Gulf’s combined petrochemical and chemical capacities exceeded 142 million tonnes with sales surpassing $76 billion and exporting more than 70 million tonnes.

“Clearly, these figures show the region’s impact on the global industrial sector with petrochemicals being the Arabian Gulf’s second main source of income,” he said.

Kuwait-based Equate Group, a global producer of petrochemicals, is a key sponsor of the forum to support the pioneering role of the Gulf’s industrial sector.

The event which kicked off yesterday (November 27) will conclude tomorrow (November 29).
 
The forum gathers over 2,000 top executives from petrochemical and chemical companies as well as government bodies and other entities from around the globe to discuss various topics, said a statement.
 
“Every key component of GDP growth such as foods, clothing, packaging and transportation is served and supported by our industry. On the other hand, there are also headwinds for the Gulf. The region’s producers clearly see the challenges posed by protectionism as well as new capacities resulting from shale gas,” he added.

“Our growth strategy has enabled us to overcome this challenge and be the first Middle East-based petrochemical producer to build a world class facility in the US Gulf Coast. Diversifying our asset base is an important component for us to sustain our growth,” he said.

“Overall, we have to maintain our progress to serve our customers who are also growing. Naturally, markets influence strategy and supply should follow the markets,” he stated.
 
“As a global enterprise, Equate launched its 2025 Sustainability Strategy that is linked to the United Nation’s 17 Sustainable Development Goals (SDGS). We firmly believe that sustainability is a key component for growth through creating added value by focusing on the key pillars of education, community, economy, environment, health and safety,” Ramachandran concluded.
 
As part of its participation in the event for the 12th consecutive year, Equate sponsored a professor and students from the College of Engineering & Petroleum at Kuwait University to attend the forum and interact with other delegates, it said.

The initiative is part of a memorandum of understanding (MoU) signed with the university aimed at partnership and collaboration in industrial and academic fields, it added. – TradeArabia News Service