GCC petchem capacity to reach 170m tons in 5 years
Date
10/27/2014 6:33:41 AM
(MENAFN) Gulf Petrochemicals and Chemicals Association (GPCA) said it expects that the growth of the petrochemical industry in the GCC region, which has reached 100 million tons of capacity within 30 years of business, to reach 170 million tons in the next five years, Gulf Times reported.
However, despite these positive expectations, the GPCA said that the sector is facing some difficulties, like the underdevelopment of the educational institutions, as well as not investing enough in research and development within the GCC countries in dedication of the sector, resulting in the Middle East, which holds an estimated 45 percent of the world's oil and gas reserves, only has 10 percent of the global petrochemical capacity.
Despite these challenges, the GPCA said that the petrochemical producers in the Gulf region have been improving their sustainability performance, especially with the GCC chemical producers reducing energy consumption per tons by 8 percent in the last two year, through technical renovations.
"In the GCC, sustainability has evolved from a concept to a business imperative. However, sustainability will require a buy-in not only from the company's leadership but also from company stakeholders, governing bodies, employees and the general, making it challenging to 'sell' this concept both within and outside the production facilities. This is a long journey and there is good news , we are already well on our way to achieving respectable results," GPCA secretary-general said.
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