GCC chemical industry investments exceed $140 billion in 2019
The GCC's chemical-related investments have exceeded US$140 billion in the first 10 months of 2019, led by consolidation, joint venture agreements and an increased number of merger and acquisition deals, according to estimates by the Gulf Petrochemicals and Chemicals Association, GPCA.
The multi-billion-dollar investments made both within the region and international markets in the areas of refining, petrochemicals, distribution, and storage are supported by a wave of strategic partnerships between regional players and multinational heavyweights.
With the theme, "Winning through Strategic Partnerships", the 14th Annual GPCA Forum to be held from 3rd to 5th December, 2019, at the Madinat Jumeirah, Dubai, will discuss the role of fostering partnerships across the entire value chain to increase the chemical industry’s competitiveness in the GCC and globally. Representatives from largest industry players including SABIC, Saudi Aramco, LyondellBasell, ExxonMobil Chemicals, BASF, Oman Oil and Orpic Group, Sipchem, Maaden, Evonik, Total and others will provide updates on the milestone deals signed this year and highlight the role of collaboration to build market leadership and create value within the industry, the economy and the society, while meeting the needs of the future.
In announcing their new organisational structure, the Oman Oil Company and Orpic Group have pledged to invest $28 billion in the next 10 years. Dr. Mohammed bin Hamad Al Rumhi, Minister of Oil and Gas, Oman, and Chairman, will deliver the inaugural address at the forum.
Dr. Abdulwahab Al-Sadoun, Secretary-General, GPCA, said, "The recent series of joint ventures, consolidation deals and acquisitions demonstrate the role of partnerships in the industry’s future strategic direction and continue to build on the region’s reputation as a reliable, long-term partner in the global chemical arena. These developments will result in greater competitiveness in the regional chemical industry by enabling it to leverage economies of scale, accelerate innovation and greater market leadership."
Attracting over 2,100 international and regional chemical executives each year, the Annual GPCA Forum is a leading platform for both global and regional producers to discuss and debate over key challenges and opportunities, make new business connections and renew existing relationships.
The forum’s programme includes a prestigious line-up of speakers, including Yousef Al-Benyan, CEO, SABIC and Chairman, GPCA; Bob Patel, CEO, LyondellBasell and President of the International Council of Chemical Associations; Karen McKee, President, ExxonMobil Chemical Company; Saori Dubourg, Member of the Board of Executive Directors, BASF; and Eelco Hoekstra, Chairman Executive Board and CEO, Royal Vopak, among others.
Follow Emirates 24|7 on Google News.