Gulf Petrochemical Industry: Growth of key indicators enhances sustainable development momentum

Recently, the Gulf Petrochemical and Chemical Association (GPCA) stated that as many economies around the world recover from the impact of the new crown pneumonia epidemic, the petrochemical industry in the Gulf region is expected to grow in 2021-2022

According to GPCA, driven by the global economic recovery, oil demand and the rebound in international oil prices, the economic activities of the GCC economies, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, have recovered strongly

The economies of the six GCC countries have been driven by various favorable factors

The international oil price situation is also very beneficial to the economic activities of the six GCC countries

Significant increase in supply chain costs

Of course, rising oil prices will also affect the cost control of the petrochemical industries of the six GCC countries to a certain extent

The third-quarter performance of Saudi Basic Industries Corporation (SABIC), the largest chemical company in the Gulf region, has indeed narrowed a bit

GPCA Secretary-General Abdulwahab Al-Sadoun said: “The chemical industry in the Middle East is experiencing a period of severe upstream damage, a period of slowing profit growth, and a period of unprecedented decline in consumer chemical demand in a series of end-user sectors

Sustainable development is an important issue

　　Regarding the issue of sustainable development, Al-Sadoun said that cooperating with the Gulf region government’s carbon neutral issue and achieving sustainability goals is another important task for petrochemical producers in the GCC region

　　Recently, Saudi Arabia has publicly made a commitment to "net zero emissions by 2060", stating that it will achieve this goal through carbon capture and storage technology (CCS), hydrogen energy industry and other carbon circular economy methods

　　If the six GCC countries choose to carry out carbon neutrality through CCS or hydrogen energy, the petrochemical industry in the region will inevitably need to cooperate in business development