GPCA ’12: European petrochemical firms to benefit from GCC partners

28 November 2012 09:54  [Source: ICIS news]

DUBAI (ICIS)--European petrochemical producers can benefit a lot from developing partnerships with chemical companies in the Gulf Cooperation Council (GCC) countries, a top Evonik executive said on Wednesday.

“Win-win situations can be created by partnerships,” Klaus Engel, chairman of the executive board of German firm Evonik, told delegates at the 7th annual Gulf Petrochemicals & Chemicals Association (GPCA) forum.

Engel cited Evonik’s strategy of developing partnerships with companies in the Middle East as a way for European producers to move forward in averting business decline and spurring growth.

Engel said Europe has a 24% share of the global petrochemical industry, which is healthy, but the figure compares badly with the 40% share the region enjoyed in the 1980s.

“Europe has lost ground to Asia and the Middle East,” he noted.

However, Engel believes that European producers are well-positioned to take advantage of future trends by focusing on four areas.

According to him, European producers need to enhance innovation as well as increase their research and development; focus on specialty chemicals; raise production efficiencies and optimise raw material base through partnerships with Middle Eastern companies.

The GPCA conference is a three-day event ending on 29 November.

By: Tahir Ikram
+65 6780 4359

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