14 May 2010 11:50 [Source: ICIS news]
By Joseph Chang
MUMBAI (ICIS news)--Asia’s booming economies will make the region the overwhelming force in global chemical industry growth in this century, Reliance Industries's CEO, Mukesh Ambani, said on Friday.
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“Billions of people are impatient to realise unrealised aspirations. And this will result in a jump in demand for petrochemicals and chemicals,” he added.
“Consumption will increase, but there will be frugality. So our job in the chemical industry is to maximise value,” he said.
The industry had an opportunity to improve the quality of billions of lives with cheaper and sustainable building materials, energy-efficient lighting, clean water and electrical goods, the CEO noted.
The burgeoning demand from
The global chemical industry would also face challenges from unprecedented financial volatility as well as high energy prices, said Ambani.
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On energy prices, Ambani said crude oil would likely stay above the $70/bbl mark “for the foreseeable future, creating the need for the petrochemical industry to “keep reinventing itself.”
“We must adopt innovation as a way of life and inject new vibrancy in petrochemicals and chemicals by integrating technology, feedstock and markets,” said Ambani.
“This means bio-polymers, bio-chemicals, biofuels, and electronic chemicals,” he added.
Government-subsidised feedstocks cannot create long-term competitiveness, said Ambani.
“These subsidies are a burden on the next generation and cannot create a sustainable competitive advantage in our industry,” he said.
($1 = €0.80)
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