GCC petchems need to invest in technology, innovation, says Al-Benyan

The outlook for Gulf petrochemicals and chemicals is strong, but the industry must transform itself for the challenges to come, said Yousef Al-Benyan, CEO of SABIC and chairman of the Gulf Petrochemicals & Chemicals Association (GPCA).

"Times are changing very fast and we have to adapt even faster," Al-Benyan said in a keynote speech today during GPCA 2017 forum in Dubai.

The GCC petrochemical industry needs to get “fitter, more nimble and more agile,” he added, noting that companies also need to invest in the right technology and innovation that delivers results.

GPCA members need to manage costs effectively and institute world-class commercial manufacturing, supply chain and functional operations, he said.

GPCA is an industry body representing the region’s downstream hydrocarbon industry, with more than 250 member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the Gulf.

The industry makes up the second largest manufacturing sector in the region, producing over US$ 108 billion worth of products a year.