The Gulf Cooperation Council (GCC) petrochemical output is expected to top 150 million metric ton by 2015, said a Kuwaiti industrialist attending the sixth annual session of the Gulf Petrochemicals and Chemicals Association (GPCA) which kicked off here Tuesday.
GPCA Vice Chairman, President and CEO of EQUATE Petrochemical Co., Kuwait Hamad Abdul Rahman Al-Terkait, told KUNA, "GCC states account for 11 percent of the global petrochemicals output at present, and the percentage is expected to cross 15 percent by 2015 of a global industry worth over USD 600 billion." Kuwait's share of this percentage, however, is just two percent, which is a very modest number amid increasing focus by other Gulf countries' investments on petrochemical industries and linking refineries with petrochemical complexes, Sadara Chemical Company in Jubail, Saudi Arabia being one example.
The GPCA vice chairman added that the industry is faced with challenges related to the global economic recession, lack of qualified national staff, lack of feed material, and inadequacy of infrastructure, supply, and logistic supply. Still, all these challenges did not prevent growth of this industry and its sustainable development." Al-Terkait said this year's most important topics include development of petrochemical manufacturing industries of the Gulf and address issues related to manufacturers such as investment opportunities and better utilization of available funding. This is in addition to the issue of job opportunities for GCC young workers beyond the immediate oil industry.
On GPCA, he said that since launch of the bloc in 2006, it continued to grow into a body which gathers 150 companies from the Gulf and beyond, with activities that attract world experts for the rich discussions and important topics addressed. "The growth the member state have achieved merits much pride.
" This year's meetings are attended by over 1,500 participants, and the event concludes on Thursday.
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC), and Qurain Petrochemical Industries Company (QPIC).
The company started production in November 1997 and is currently the lone operator of an integrated group of international standards factories. The group produces over 5 million metric ton of high-quality petrochemical products each year and the products are marketed in the Middle East, Africa, and Europe.