KUWAIT CITY, Nov 18: EQUATE Petrochemical Company, Kuwait’s first international joint venture in this industry, sponsored the 10th Annual Gulf Petrochemicals & Chemicals Association (GPCA) Annual Forum, which is considered one of the most celebrated industrial events through gathering top executives from around the world.
EQUATE President & CEO Mohammad Husain said, “Our participation in the 10th edition of GPCA Annual Forum is an embodiment of our commitment to this organization that plays a critical role in supporting the petrochemical and chemical industries throughout the world, not only the Gulf. EQUATE is honored to have been one of the active ‘Partners in Success’ in all GPCA events throughout the years, including the first ever GPCA Forum.”
Husain, who is also a GPCA Board Member, noted “Although the revenues of the global petrochemical and chemical industries have exceeded USD 4.2 trillion during 2014, the Gulf ’s share from these revenues were only 2%. During that year, the Gulf had a 6% share of the global production which reached over 21.5 billion tons.”
Husain added “Moreover, in 2014, the Gulf’s total petrochemical exports exceeded 67 million tons valued at USD 62 billion, with Kuwait having only a 7% percent share of total production with 8.6 million tons.”
Husain emphasized, “This is a long-term strategic industry and it has a cyclic nature. For that, companies have to build their resilience and reliability to be prepared for any future down-dips in the cycle. In terms of overall international market conditions, difficulties have been witnessed throughout different regions.”
Husain noted, “Challenges facing our industries remain the same in terms of fluctuating prices due to supply and demand, feedstock availability, adequate infrastructure and, most important, specialized human capital. At the same, the Gulf’s petrochemical and chemical producers have been successful at maintaining their global presence through innovative solutions, high-quality products and top in-class services.”
During the exhibition on the sidelines of the Forum, EQUATE hosted the UAE Energy Minister His Excellency Suhail Mohamed Faraj Al Mazrouei, the Chairman of the Chairman of the Royal Commission for Jubail and Yanbu in Saudi Arabia His Highness Prince Saud bin Abdullah bin Thunayan, the Governor of the Saudi Arabian General Investment Authority (SAGIA) Abdulatif Al-Othman and other prominent figures.
The 10th Annual GPCA Forum 2015, is held in Dubai, UAE, during November 17-19. The forum gathers top executives from petrochemical and chemical companies, as well as government bodies and other entities to discuss various topics. www.gpcaforum.net
Established in 1995 as Kuwait’s first international joint-venture in this industry, EQUATE Petrochemical Company (EQUATE) embodies its “Partners in Success” slogan through the partnership between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is currently the owner and single-operator of several fully integrated world-class petrochemical units, within the Greater EQUATE joint-venture, that annually produce over 5 million tons of the highest quality grades of Ethylene, Polyethylene (PE), Ethylene Glycol (EG), Polypropylene (PP), Styrene Monomer (SM), Paraxylene (PX), Heavy Aromatics (HA) and Benzene (BZ). The products are marketed throughout the Middle East, Asia, Africa and Europe. Alongside with being a leading industrial organization, EQUATE dedicates its utmost commitment and care to overall stainability wherever it operates in cooperation with public and private bodies, including employees, the society and customers, in all relevant fields, such as human development, environment, education, health and public awareness. www.equate.com
With EQUATE as one of its founding members, the Gulf Petrochemicals and Chemicals Association (GPCA) represents the downstream hydrocarbon industry in the Arabian Gulf. Established in 2006, the association voices the common interests of more than 240 member companies from the chemical and allied industries, accounting for over 95% of chemical output in the Gulf region. The industry makes up the second largest manufacturing sector in the region, producing up to US$97.3billion worth of products a year. The association supports the region’s petrochemical and chemical industry through advocacy, networking and thought leadership initiatives that help member companies to connect, to share and advance knowledge, to contribute to international dialogue, and to become prime influencers in shaping the future of the global petrochemicals industry. Committed to providing a regional platform for stakeholders from across the industry, the GPCA manages six working committees – Plastics, Supply Chain, Fertilizers, International Trade, Research and Innovation, and Responsible Care – and organizes six world-class events each year. The association also publishes an annual report, regular newsletters and reports. For more information, please visit www.gpca.org.ae