The petrochemical industry in the GCC region will need to bring about “fundamental changes” in the way it does business and operates in order to meet current challenges, said Yousef Al-Benyan, Chairman of GPCA, in his welcome address to the 12th Annual GPCA Forum.
The Vice Chairman and CEO of SABIC added that: “The fundamental change required to deliver a quantum leap in performance is transformation; it is not an incremental improvement but a drastic change in the way we operate and conduct business.
“One thing we know for certain; the status quo is not an option.”
Some of the key challenges faced by the industry included the low crude oil price environment – which will stay for years to come – China’s rise to self-sufficiency, shale-enabled US petrochemical expansion competing with GCC, and lower ethylene margins.
“Besides these fundamental challenges, we continue to experience fast-paced disruptions – caused by technology and recent political and economic development in the US, Europe, China and elsewhere,” Benyan said. “Times are changing very fast and we have to adapt even faster.
“Organizations need to think big, be innovative and fast to capitalize on opportunities by taking the right actions,” he concluded.