Innovation is key to petrochemical industry success - SABIC

04 April 2012 09:05  [Source: ICIS news]

Innovation keyDUBAI (ICIS)--Innovation will continue to play a key role in the success of the petrochemical industry and it should not be limited to technologies and products, a senior industry executive said on Wednesday.

"Innovation turns knowledge into cash and improving innovation ability will increase profitability and growth," Sultan Bin Battal, vice president of Polymers SBU in Saudi Basic Industries Corporation (SABIC), told the delegates at the 3rd annual Gulf Petrochemicals and Chemicals Association (GPCA) Plastics Summit.

Innovation provides solutions for future needs as it is the market trend that gives direction for innovations, he said.

"At the same time, companies should also look at other areas such as innovations in business processes and to support customers' innovations," Bin Battal said, citing the company's upcoming innovation center located in Riyadh, which is secheduled for commissioning in the third quarter of 2012.

The 3-day summit runs until Thursday.

By: Yu Guo
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