22/11/2014 19:29 AST
Despite challenges, the petrochemical and chemical production in the Gulf region surged to more than 140 million metric tons (MT) during 2013, said an industry expert.
"The global sales revenue of petrochemicals and chemicals was over $4.1 trillion, of which more than two per cent belonged to Gulf countries," stated Mohammad Husain, the president and CEO of Equate Petrochemical Company, Kuwait’s first international petrochemical joint-venture.
He was speaking at a press conference to announce Equate's sponsorship of the ninth Annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum which kick off tomorrow (November 23) in Dubai.
Husain said the challenges were mainly feedstock shortage, market instability, infrastructure insufficiency and port congestions, in addition to lack of qualified human resources.
"Overcoming these challenges, through sustainability-based innovation and integration, is an utmost priority for GPCA which groups over 200 companies from around the world," he added.
Husain, who is also a GPCA board member, said: "While in 2013, the Gulf had a seven per cent of the global petrochemical and chemical production, its total production capacity is expected to top 225 million metric tons in the next years."
Husain said that Equate’s total production capacities, from plants owned and operated by it, exceed 5 million MT, including ethylene, polyethylene, polypropylene, ethylene glycol, heavy aromatics, benzene, styrene monomer and paraxylene.
The forum, which will run for the next three days, will see an attendance of over 2,000 industrial leaders, experts and professionals from around the world.
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