24 March 2010 15:54 [Source: ICIS news]
LONDON (ICIS news)--Chemical companies will experience continued recovery in 2010, said SABIC CEO and vice chairman Mohammed al-Mady, who is also the chairman of the Gulf Petrochemicals and Chemicals Association (GPCA), according to a statement released by that organisation on Wednesday.
Speaking at the GPCA’s third annual general meeting that took place on 18 March in Dubai, Al-Mady said he expected positive development for Middle Eastern producers and forecast that the global chemical industry's output would increase 4.6%, offsetting a 4.6% contraction in 2009.
Al-Mady added that the recent crisis was over for the industry, and cited data from the American Chemistry Council (ACC), which pointed to chemical industry production growth averaging 3.7% across the Middle East, including 6.3% in ?xml:namespace>
In his speech, Al-Mady also said that the GPCA had taken significant steps forward in introducing Responsible Care, an initiative launched by the International Council of Chemical Associations (ICCA) in January 2006 that is designed to raise industry-wide performance in health and safety, the environment and business sustainability.
The GPCA has continued its growth trajectory in various spheres and its revenues have risen by over 39% in 2009, said Al-Mady.
“Looking at the future, we would like to grow our portfolio of events catering to various segments of the petrochemicals and chemicals industry,” he added.
"As we come out of the downturn, I believe the association will be a catalyst in sharing best practice, and collating and disseminating industry data. With expanding regional production capacities coming on stream, our association is also gearing up to support the industry in meeting its aspirations," he said.
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