Sabic CEO sees technology, innovation as keys for Middle East petchems
The Sabic chief executive said that the global petrochemicals industry has worked hard to recover from the slump of late 2008 and early 2009. The Gulf petrochemical industry has also shown impressive strength and remarkable resilience, he added, noting that it remains in its infancy.
The petrochemical industry in
the Gulf region needs to focus more on technology and innovation, offer
customers more technologically-advanced products and design
products that meet global demand, according
to Mohamed Al-Mady, CEO of Saudi producer SABIC.
Al-Mady, who is also chairman of the Gulf Petrochemicals and Chemicals
Association (GPCA), spoke Wednesday at the annual GPCA
Forum in Dubai.
In his opening remarks to a gathering of industry leaders at
the three-day forum, Al-Mady said that the regions future
competitive advantage will have less to do with feedstock price and supply and more
to do with technology and innovation.
We need to direct our efforts towards offering our
customers more technologically-advanced and complex products,"
he said. "Our future success centers on our ability to
reach out to customers looking for more sophisticated and
The CEO noted that the global petrochemicals industry has worked
hard to recover from the slump of late 2008 and early 2009. The
Gulf petrochemical industry has also
shown impressive strength and remarkable resilience, though
still in its infancy, he said.
Citing the increasing importance of sustainability, Al-Mady said that it
plays a significant role in the competitive landscape
by providing more feedstock options and less
He said many chemical companies have forced reduction in waste
and improved efficiency, as energy and water costs have risen
and government mandates have forced technological advances
required for emission reduction.
To remain competitive, a balance needs to be struck between the
burning of hydrocarbons for electricity and water production
and the development of value-added downstream industrial
development, he said.