08 April 2013 10:37 [Source: ICIS news]
DUBAI (ICIS)--Speciality products will create value for the Middle East converter industry as they address global challenges such as urbanisation and climate change, according to a senior LyondellBasell official on Monday.
Specialty products can help address global challenges, according to Paul Turner, vice-president of LyondellBasell’s polyolefins sales in Europe. “We need to develop solutions to create building blocks for development of specialty polyolefins,” he said.
Turner was speaking at the Gulf Petrochemicals and Chemicals Association (GPCA) Plastics conference in Dubai.
He added that inadequate downstream demand may deter plastic makers from making large-scale investments.
The development of specialty product is a long-term process. “Typically, you need five years to market a product, a lot of work [is done] through ideation, ” Turner said. “Patience is really the key to stay on course to deliver the specialty chemical you are looking for.”
Turner said plastic makers need to remain committed to achieve profits in the longer term.
According to Turner, 70,000 tonnes of polybutene-1 (PB-1) created more value for the company than the 4m tonnes of olefins and polyolefins it sold in Europe in 2012. He added that compounding has also brought in more profits.
The two day-conference, also known as GPCA PlastCon 2013, will end on 9 April.
Additional reporting by Prema Viswanathan
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