28 November 2012 13:17 [Source: ICIS news]
LONDON (ICIS)--The Gulf petrochemicals industry must increase its focus on technology and innovation if it is to remain competitive with petrochemicals hubs in other regions, Mohamed Al-Mady, CEO of Saudi Arabia chemicals major SABIC, said on Wednesday.
Speaking at the Gulf Petrochemicals and Chemicals Association (GPCA) in Dubai, Al-Mady said the Gulf’s future competitive advantage in petrochemicals would be driven by technology and innovation instead of feedstock price and supply.
“We need to direct our efforts towards offering our customers more technologically-advanced and complex products. Our future success centres on our ability to reach out to customers looking for more sophisticated and technologically-advanced products,” he said
Al-Mady added a balance should be struck between the use of petroleum products for energy and water production and for the development of the downstream industry in the region for Gulf petrochemicals companies to remain competitive.
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