27 May 2011 05:29 [Source: ICIS news]
By Nurluqman Suratman
FUKUOKA, Japan (ICIS)--Asian petrochemical players should continue investing in green energy and technologies to keep the industry sustainable, amid tighter environmental regulations and high energy costs, top industry officials said on Friday.
“Environmental protection, conservation and pollution should continue to be a key initiative for all businesses across our industry,” said Preston Chen, chairman of the Petrochemical Industry Association of Taiwan.
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He was speaking at the sidelines of the Asia Petrochemical Industry Conference (APIC), which is being held at
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“Although we still have a long way to go, our efforts to protect the environment should continue to be one of the top priorities driving our industry,” Chen said.
Investments made by petrochemical industry players in green energy and other related fields, such as biotechnology, semiconductor and other high-tech industries inter-related with the petrochemical supply chain, is expected to contribute more to the future growth of the industry, Chen added.
While the petrochemical industry in Asia is leading the growth in the global market, it faces great pressure from persistently high oil prices, commercial friction caused by protective trade and recently tightened environmental regulations, said Chong Bum-shick, chairman of the Korean Petrochemical Industry Association (KPIA).
“We have to focus on the changes of international environmental policies surrounding our petrochemical industry,” said Chong, who was also speaking at the sidelines of APIC.
Concerns about the global environment have been increasing and various regulations, such as the Climatic Change Convention, are getting stricter, Chong added.
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“These initiatives are challenging for the chemical industry in view of the very competitive market that we are facing today,” said Chiew, who was also present at APIC.
“We firmly believe that working towards these goals will help to open up more opportunities and spur further growth for the industry, therefore enhancing long-term sustainability of the chemical industry as a whole,” Chiew added.
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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