The increasing integration of major global petrochemicals players with the region’s national oil companies is the key to the diversification drive of hydrocarbon-rich economies vying to introduce value added products to their existing oil crude exports, according to Michael Gambrell, executive vice president, Basic Plastics and Chemicals, Manufacturing & Engineering, The Dow Chemical Company.
Speaking ahead of his visit to Bahrain for the Middle East Petrotech 2008 conference, Gambrell also said that the Middle East, India and Africa (IMEA) markets are very important growth areas for Dow as part of the Company’s global expansion strategy.
Dow’s IMEA sales for the first quarter of 2008 rose 26 percent from the same period last year to US$402 million, setting a new regional record. And the region’s year-over-year volume increase, at 15 percent, was the highest across all five of Dow’s geographic areas.
Dow has eight current and proposed Middle East joint ventures in the UAE, Egypt, Kuwait, Libya as well as in Saudi Arabia, where Dow and Saudi Aramco are in the final negotiation phase for the formation of a joint venture company to build, own and operate a world-scale chemicals and plastics production complex in the Eastern Province.
At Petrotech, Gambrell will be accompanied by John Dearborn, Dow president in India, Middle East & Africa.
“The Middle East is home to one of Dow’s first joint ventures set up over 20 years ago with E.A. Juffali & Brothers (Kingdom of Saudi Arabia) a relationship that still exists today,” said Dearborn. “Our approach creates valuable opportunities for Dow and its partners and benefits the Middle East by building valuable downstream industries, economic diversification and new, highly trained, well-paid jobs.”
Dow in the Middle East is committed to being an active community member and strongly supports the social and economic aspirations of the local communities in which it operates. Through the Company’s strong alliances with organizations such as the Young Arab Leaders (YAL), Emirates Environmental Group (EEG) and Lothan Youth Achievement Center (LoYAC), Dow is committed to the betterment of the environment and humanity.
About Dow
With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the “Human Element” to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
