Embrace principle of change to survive: Minister tells cos

Adapting the “principle of change” is inevitable to survive in a world characterized by constant change, unstable conditions and turbulent markets, Bahrain’s Oil Minister told companies in the region. “Change is not easy, but it remains a necessity, and with change comes the shift that helps sustainability,” said Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa in his address to the 13th Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) in Dubai, UAE, yesterday.

More than 2,000 top Executives and representatives of top international and regional companies from 52 countries were present at the event which began on Tuesday and ends today. The forum was also attended by a delegation of the Gulf Petrochemical Industries Company (GPIC), led by its Board of Directors Chairman Dr Ahmed Al Sharyan and GPIC President Dr Abdulrahman Jawahery. GPCA Chairman Yousef Al-Benyan, welcoming the participants, stressed the need for more mergers and acquisitions among industrial companies in the GCC to maintain the competitiveness of the petrochemical industry in global markets.

Described the gathering as the most important on the agenda of the petrochemical sector in the region, Dr Jawahery, in his comments, said the regional petrochemical sector had grown by 3.7 per cent in 2016, increasing its production capacity to 150 million tonnes, exceeding the global average of 2.2 per cent. He pointed out that going with the boom of many advanced and complex transformation projects between 2017-2018, it is expected that this growth and development would continue, signifying a shift in focus from materials and basic chemical products to specialized high-value products.

GPCA Secretary-General Dr Abdulwahab Al Sadoun said the industry would have to continuously strive to build on what has been achieved and strengthen the momentum. The GPCA is the first grouping of its kind in the Middle East and has witnessed a steady expansion in its activities since its establishment in March 2006 to direct the chemical and petrochemical industries in the Gulf region towards a new era of fruitful cooperation.