The GCC chemical industry set for transformation

08 March 2022 | Muriel Cozier

‘We have to think about this challenge much more strategically with a laser sharp focus.’

Sabic’s Vice Chairman and CEO, Yousef A Al-Benyan, has used the second Gulf Petrochemicals and Chemicals Association (GPCA) Leaders’ Forum, to call on the Gulf Cooperation Council (GCC) chemical sector to transform so it can deliver on decarbonisation and circularity goals.

The GPCA, which is chaired by Al-Benyan, held its Leader’s Forum on the 2 March 2022 in Dubai, the day before the GPCA’s Annual General Assembly Meeting for members. The Leader’s Forum is an ‘exclusive and strategic c-suite conference.’ The theme for the event was ‘Breaking New Ground in 2022: The regional industry transformation.’

Al-Benyan set out three priority areas for chemical industry transformation these being: partnerships and collaborations, agility, and new business and operating models. ‘The key question is how GCC companies can address these priorities. The answer is by focusing on talent and technology. We have to take a global approach to attract and retain top level talent and, at the same time, we must create a sustainable source of competitive talent at home,’ said Al-Benyan.

Acknowledging the implications, urgency and impact on shareholder value of reducing greenhouse gas emissions using circular carbon economy platforms, Al-Benyan added; ‘For GCC chemical companies, achieving the decarbonisation objective is even more critical than for other manufacturing sectors of the economy, as the chemical industry itself is a decarbonisation tool for national oil companies. We have to think about this challenge much more strategically with a laser sharp focus.’

The GPCA’s most recent Industry Insight: State of the GCC Chemical Industry in 2021, released at the end of February this year, highlights the GCC move to hydrogen and renewable energy, as well as the leveraging of digitisation.

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