Gulf petrochem industry booming
The total investments in the petrochemical sector in the Gulf region will balloon to more than $250 billion by 2015, said an expert while speaking at a major industry event in Dubai.
The 4th International Conference for Plastics Conversion (PlastCon 2013), which opened on Sunday and will run till April 9, will see experts discuss several topics including challenges facing plastic manufacturers and exporting plastics to international markets.
“Currently, most petrochemical downstream industries in the entire Gulf are somewhat basic and not that sizable due to these countries being mainly exporters of basic petrochemical products,” remarked Muayad Al-Faresi, the procurement director of Equate Petrochemical Company, a top sponsor of PlastCon 2013.
A major player in the petrochemical sector based in Kuwait, Equate is an international joint venture between Petrochemical Industries Company, The Dow Chemical Company, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company.
“Having an ambitious and productive downstream industry requires having a suitable local market to consume the output or ensuring that these exports will find sustainable markets,” said Al-Faresi, who is also the vice chairman of The Gulf Petrochemicals & Chemicals Association (GPCA) Plastics Committee.