EQUATE Petrochemical Company said the Gulf’s petrochemical production capacities will exceed 150 million metric tons annually (MTA) by the end of 2015.
Speaking on the sidelines of the 6th Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum which kicked off on Tuesday, EQUATE President & CEO Hamad Al-Terkait said, “Currently, the Gulf produces a little over 11% of the world’s petrochemicals, while in 2015 this percentage is expected to reach over 15% in this industry that valued at over USD 600 billion worldwide.”
Al-Terkait, who also holds the position GPCA Board Vice Chairman, noted, “The Gulf’s petrochemical industry faces a number of challenges relevant to recession in the global economy, competent human resources, feedstock limitations, infrastructure availability and supply chain issues, yet such matters have not hindered this industry’s sustainable growth.”
Regarding GPCA, Al-Terkait said, “Since its inception in 2006, GPCA has sustainably grown to become an organization that groups over 150 member companies as members from GCC and around the world, especially that its events are attracting the participation of several global figures to discuss and analyze this industry’s affairs. We are proud of the development of this association due to the great support made by all its members."
With the participation of over 1500 delegates, the 6th GPCA Forum will conclude its activities on Thursday in Dubai, UAE.
Further information about GPCA can be obtained at http://www.gpca.org.ae .
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.