GPIC delegation attends GPCA forum in Dubai

Manama, Nov. 28 (BNA): A delegation of the Gulf Petrochemical Industries Company (GPIC), led by its Board of Directors Chairman. Dr. Ahmed Al Sharyan, took part in the 13th Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) in Dubai, on November 27-29. Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa was among the more than 2,000 top Executives and representatives of top international and regional companies from 52 countries present on the occasion. GPCA Chairman Yousef Al-Benyan stressed the need for more mergers and acquisitions among industrial companies in the GCC as well as the need to take measures that would reduce costs while increasing productivity. He said this is the best and only way to maintain the competitiveness of the petrochemical industry in global markets. Shaikh Mohammed said in a world characterised by constant change, unstable conditions and turbulent markets, the principle of change is inevitably the most important principle that every company had to adopt. “Change is not easy, but it remains a necessity, and with change comes the shift that helps sustainability.” He said he is pleased to see GPIC continue its commitment and build on the recommendations of last year’s event to focus on implementation and transformation. “GPIC, as a GPCA founding member, has actively participated in periodic and annual events it has organised since 2006,” Gulf Petrochemical Industries Company (GPIC)s' President Abdulrahman Jawahery said. He described gathering as the most important on the agenda of the petrochemical sector in the region and thanked Shaikh Mohammed for his participation and being a keynote speaker. Dr. Jawahery pointed to major developments in the industry at the global level and spoke of the extensive discussions held during the forum. He said these focused on achieving growth and added value through innovation to sustain growth in the region’s petrochemical industry. He said the participation of more than 2,000 specialists had contributed significantly to the creation of a rich exchange of views, expertise and knowledge in this strategic industry. He added the region's growth rates were higher than those recorded globally, despite continued market volatility and increased competitiveness in foreign markets. Dr. Jawahery said the regional petrochemical sector had grown by 3.7 per cent in 2016, increasing its production capacity to 150 million tonnes, exceeding the global average of 2.2 per cent. He pointed out that going with the boom of many advanced and complex transformation projects between 2017-2018 , it is expected that this growth and development would continue, signifying a shift in focus from materials and basic chemical products to specialized high value products. He stressed on developing priorities in the petrochemical sector in the GCC countries that would lead to diversifying their economies and attract more industrial investments. He said this would contributing to reaching the desired sustainable growth to achieve the aspirations of future generations. Dr. Jawahery also spoke of the active participation of GPIC in an exhibition on the sidelines of the forum, where the company highlighted its achievements and future projects. GPCA Secretary General Dr. Abdulwahab Al Sadoun, praised the positive participation of GPIC and its active role in the forum and accompanying exhibition. He stressed that the company is one of the pillars of the petrochemical and fertilizer industry in the Gulf. Dr. Al Sadoun said the forum had established itself as a regional and global platform to attract international energy leaders to discuss and exchange views on pressing issues affecting the sector's growth and how to develop it in the future. He said the industry would have to continuously strive to build on what has been achieved and strengthen the momentum.