Technology and innovation are the two focus areas for Gulf petrochemical industry, Saudi Basic Industries Corporation (Sabic) Vice Chairman and CEO, Mohamed Al-Mady said while speaking at the Seventh GPCA Forum held in Dubai under the theme “Sustaining Competitiveness in a Rapidly Changing World.”
Mr. Al-Mady, who also is the Chairman of the Gulf Petrochemicals and Chemicals Association (GPCA), said the industry should design products in view of global demand and try to offer technologically-advanced products.
Delivering his inaugural speech at the three-day forum, the Sabic head said the global petrochemical industry has made great efforts to recuperate from the crash experienced in 2008 and early 2009. The Gulf industry has also articulated great strength and buoyancy, but it is still in its embryonic stage.
Technology and innovation have a higher impact on the region’s future competitive edge, than feedstock prices and supply. Hence, they need to focus on offering more technologically-advanced and better designed products to the consumers.
Highlighting the significance of sustainability, Mr. Al-Mady said sustainability plays a major role in the competitive scene, as while offering more feedstock options it also helps in cutting wastage.
Soaring energy and water costs have compelled several chemical firms to improve efficiency to cut costs, while the Government regulations have forced them to make technological upgradations to cut waste.
It is important to achieve a balance between use of hydrocarbons for producing water and electricity and development of value-added downstream industries, he said.
Held annually, the GPCA forum is a major event for the global petrochemical and chemical industry, which offers participants and visitors an opportunity to get in touch with and develop contacts with industry heads and decision-makers, and also to develop an insight about the present-day market.