Al-Benyan urges collaborative investment in winning-partnerships at GPCA Annual Forum
Refining and Petrochemicals ME
04 DEC 2019
The petrochemical and chemical industry in the Middle East must invest collaboratively in winning-partnerships and concrete, actionable ideas if it is to sustain its future growth trajectory. That was the message from Yousef A Al-Benyan, vice chairman and CEO of SABIC, and chairman of the Gulf Petrochemical and Chemical Association (GPCA) as he delivered the welcome address an audience of more than 2,100 industry leaders at the 14th Annual Forum of the GPCA.
The two-day forum, one of the most important events in the global chemical calendar, is designed to identify and address the most critical matters for the industry in the Arabian Gulf region.
In the Middle East region, they have proven to be very successful and 55% of the total chemical capacities are run in partnership mode. This is significantly higher than the global average of 25%.In his remarks, Al-Benyan embraced the theme of this year’s conference, ‘Winning through Strategic Partnerships’, and said: “Strategic partnerships are a winning proposition. In the Middle East region, they have proven to be very successful and 55% of the total chemical capacities are run in partnership mode. This is significantly higher than the global average of 25%.”
“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.”
This is a very crucial stage for our industry. The world is undergoing rapid social and economic change and the petrochemical industry is in an unparalleled state of transition.Al-Benyan addressed key macro headwinds facing the industry. Al-Benyan added: “This is a very crucial stage for our industry. The world is undergoing rapid social and economic change and the petrochemical industry is in an unparalleled state of transition. Despite current challenges, the long-term fundamental growth drivers of the industry remain intact.”
“Our industry has always managed to emerge stronger by overcoming challenges with innovation and competitive business management. This capability will help us to capitalise on long-term trends, but players cannot do it in isolation. Joint thinking and collaboration is needed.”
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% of chemical output in the Gulf region.