10 February 2010 15:12 [Source: ICIS news]
VIENNA (ICIS news)--European chemicals companies have a “window of opportunity” to invest in the Gulf Arab region, an official with Saudi petrochemicals producer National Industrialisation Co (TASNEE) said on Wednesday.
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Al-Qurtas was speaking at the seventh annual meeting of the Global Petrochemicals Conference in Vienna, Austria, which was organised by the World Refining Association (WRA).
“The European chemical industry lost decades by not participating in the Gulf region,” said Al-Qurtas. “Maybe there is still time for the European industry to catch up.”
But European players should act fast, he said, as Asian players are improving their technological capabilities.
For now, chemical companies in
He added: “If Europe does not move fast to leverage its technologies, in about two or three years’ time you will see technologies [from
The increased complexity of new projects in the Gulf Arab region will give European players a strong competitive advantage, he told delegates. “You can leverage all your technologies there,” he said.
Investing in products for which regional demand is currently weak should not be a problem, he stressed. “Once the molecules are there, demand will be encouraged. It’s a snowball effect.”
Potential areas for investment include products that supply growth sectors, such as automotive, construction, metals processing, packaging and consumer goods, he said.
The Saudi government lists these as priority industries in its “clusters” programme.
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