04 April 2012 09:05 [Source: ICIS news]
DUBAI (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 ?xml:namespace>
The 3-day summit runs until Thursday.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections