Borouge ensures stability against the changing outlook of petrochemical industry

Dubai – MENA Herald: Borouge, a leading petrochemical company in providing innovative, value creating plastics solutions, highlighted its significant contribution to the development and support of the UAE petrochemicals industry at the 10th Annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum held at Madinat Jumeirah in Dubai from 17-19 November 2015.

Organised under the theme of ‘Building on Achievements – Enabling Continued Success in the Changing Chemical Landscape’, the 10th anniversary edition of the Annual GPCA Forum featured a key note address that was delivered by HE Engineer Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy. The event, which brought together leaders of the region’s chemicals and petrochemicals industry, was attended by senior officials from Abu Dhabi including HE Abdulla Nasser Al Suwaidi, ADNOC Director General, and Rashed Saud Al Shamsi, ADNOC Petrochemicals Director, Chairman of Borouge Pte – the marketing arms of Borouge – and Chairman of the GPCA.

“We are glad to be part of this Forum which turns into a significant and informative platform for Borouge and all other leading global and regional chemical and petrochemical companies to network, share their insights on global trends and debate how to sustain the region’s competitive advantage in a changing chemical landscape,” said Rashed Saud Al Shamsi, ADNOC Petrochemicals Director, Chairman of Borouge Pte and Chairman of the GPCA, in his speech.

Al Shamsi highlighted the growing importance of the Arabian Gulf region which became one of the world’s major petrochemical hubs with the petrochemicals production capacity in the region increasing by three times to over 136 million tonnes in 2014, and with the GCC chemical industry currently generating sales by USD 87.4 billion.

“Although the industry’s continued expansion can partly offset the current low prices of petrochemicals, we must continue the industry’s transformation from producing traditional commodities to producing specialty and performance chemicals. To stay competitive on a global level, we should move further downstream to target the production of more value added products for the domestic and export markets,” stressed Al Shamsi commenting on the impact of the slumping oil prices on the industry.

He added that transformation, trade, technology and talent are the four goals that the region’s industry should focus on to rise to the challenge of securing future success and building on the achievements gained in the past four decades. “By embracing these four goals, the chemical industry will continue to play a key role in the GCC’s future growth.”

As a founding member of the GPCA since 2006 and a sponsor of this Forum, Borouge demonstrated its contribution to the development of petrochemicals industry in the UAE. Joining the GPCA’s 10th anniversary celebration, Borouge is proud to be part of the success of the Association that is clearly reflected in the continued success of this Forum which brings together business leaders, decision makers and experts from across the region. Under the umbrella of the GPCA and its affiliated committees, Borouge plays a significant role in developing the region’s plastics manufacturing and conversion industry. Borouge continuously supports the programmes and networking forums of the GPCA which voices the common interests of more than 240 member companies from the chemicals and petrochemicals industry.

“The Forum provides Borouge with an opportunity to highlight our leading role in the development of petrochemicals industry and the significant role of innovation in leveraging the plastics industry in the GCC through leadership, advocacy and networking,” said Abdulaziz Alhajri, CEO of Abu Dhabi Polymers Company (Borouge). “We are glad to be a significant contributor to the continuous success of the GPCA annual forums through which Borouge underlines its investment in innovation and expanding capacity and discusses the challenges the industry is facing to continue progressing in line with the changing perspectives of the chemicals and petrochemicals industry.”

According to a GPCA research, the UAE currently operates a petrochemical portfolio consisting of 10.5 million tonnes of capacity, the export-oriented sector earned up to USD 7.4 billion in revenues, through the sales of products such as plastics and fertilizers.

The Forum discussed various topics including ‘The New Energy Environment: Implications for Chemicals Industry’, ‘World Energy Outlook’, ‘State of the Global Chemical Industry’, ‘Chemicals Strategy in an Age of Economic and Energy Uncertainty’, ‘Middle East Industry Outlook’, ‘China Chemical Industry Outlook’ and ‘North America Petrochemical Industry Outlook’.

2016-11-08T21:03:41+00:00 Wednesday 18, November 2015|Categories: Energy, Slider, United Arab Emirates|Tags: |