Al-Faresi: Global petrochemical industry worth over USD 600 billion
Equate Petrochemical Company announced its sponsorship of the Gulf Petrochemicals & Chemicals Association’s (GPCA) Second Plastics Summit to be held in Dubai during April 4-6, 2011.
On this occasion, Equate Business Director Muayad Al-Faresi said, “The global petrochemical industry is worth over USD 600 billion, while the Gulf has an 11% percent stake valued more than USD 50 billion of this growing international sector.”
Al-Faresi, who is also the Vice Chairman of GPCA Plastics Committee, added, “Within the next five years, this percentage is expected to reach over 17% which greatly shows the critical importance of this industry as the second biggest source of income for Gulf nations.”
Al-Faresi explained “The per person plastic consumption annually in the Gulf is 5 kilograms (KG), while it increases to 90 KG in the United States and 65 KG in Europe, and this measure has become a reflection of a society’s advancement. EQUATE and GPCA strongly promote proper consumption of plastics as part of principles advocated by Responsible Care (RC) which has Equate as the first company in Kuwait to earn its certification.”
Al-Faresi noted that Equate's membership and support to GPCA stems from its aspiration to ensure overall sustainability, as well as a positive environmental impact of plastics and highlight the best way to recycle such material to protect the society especially in economic and industrial fields, throughout Kuwait and beyond, adding that GPCA includes over 150 Gulf member companies.
In addition to Equate, GPCA’s Board of Directors includes senior executives from Kuwait’s Petrochemical Industries Company from Kuwait (PIC), SABIC from Saudi Arabia, as well as 15 other major petrochemical manufacturers in the Gulf. More information about GPCA can be obtained through its website www.gpca.org.ae.