The Gulf region is expected to see a 46 per cent increase in petrochemical capacity with a capital investment of $50 billion, according to a top official.

By 2015, 1/5th of the total global output of petrochemicals will be produced in the Gulf, stated Dr Abdulwahab Al Sadoun, secretary general, Gulf Petrochemicals & Chemicals Association (GPCA) at the recently concluded Middle East Technology Forum (ME-Tech 2011) held in Dubai.

His presentation, entitled ‘The next wave of petrochemicals in the Gulf region’ highlighted short to mid-term trends and lauded the region for the consistent and exponential growth in production it had witnessed in the last 25 years from 4 million tons in 1985 to over 100 million tons in 2010, at the event, the first technology-focused conference and exhibition for the downstream oil and gas sector.

He spoke of increased capacity and an estimated capital investment of $50 billion, citing Saudi Arabia as the country with the largest volume and Abu Dhabi showing the most growth. By 2015, 1/5 of the total global output of petrochemicals will be produced in the Gulf, he added.

His words were echoed by Dr Abdulrahman Al Ubaid, EVP, Technology and Innovation at Sabic, who charted out the global trends that have been adopted in the region to help foster this growth. Investment in research and development and the harnessing of talent were just some of his key messages.

Both speakers reiterated the importance of creating a ‘culture of innovation’ that enables gas processors, refiners and petrochemical companies improve margins and operational excellence.

Designed to give innovators and end-users the opportunity to exchange views on cutting edge downstream oil and gas technology solutions, ME-Tech 2011 was organised by European Petroleum Consultants (EPC) with the support of the GPCA.

The event saw participation from regional heavyweights such as Sabic, Dolphin Energy and Takreer alongside international players such as UOP, Axens and Shell Global Solutions.-TradeArabia News Service