16 November 2008 16:06 [Source: ICIS news]
RIO DE JANEIRO (ICIS news)--The petrochemical industry is facing its most difficult time ever and the brewing crisis calls for “cautious discipline in financial performance”, an industry official said on Sunday.
“No doubt this is our worst crisis and no decision should be made without deep analysis,” said Latin American Petrochemical Association (APLA) president Arturo Garcia.
Garcia said “caution” would be the backbone of his message to delegates of the 28th edition of APLA, which opened on Sunday at the Sofitel Hotel in Rio de Janeiro.
“No one knows what will happen and there seems to be no consensus for the future,” he said on the sidelines of the conference.
The latest financial crisis has also impacted APLA attendance, Garcia said.
The official expects 740 delegates to come to Rio de Janeiro, down from some 820 participants that met in Buenos Aires in 2007.
It is a strong showing considering what the industry is facing, he said.
Garcia confirmed talk in hallways of the Sofitel Hotel that some delegates had cancelled the trip to Rio de Janeiro, but he said cancellations were limited to about 25 attendees.
One market participant said most cancellations were from Europe and Argentina, but the information could not be confirmed with APLA.
APLA turnout was last impacted in 2005 when the conference was moved to Mexico City after Hurricane Wilma hit Cancun.
Attendance that year was 645 after 5% of delegates dropped out.
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