12 May 2014 12:13 [Source: ICIS news]
ABU DHABI (ICIS)--The petrochemicals industry in the Middle East needs to look downstream to leverage on opportunities in the region, Dow Chemical's UAE president and finance director for Middle East North Africa (MENA), said on Monday.
“We need to diversify from just producing oil and gas and produce more diversified products. We also need to think about how to manage our energy uses,” said Moosa Al Moosa.
He was speaking at the Abu Dhabi International Downstream conference organised by The World Refining Association.
Al Moosa said companies in the Middle East are increasingly focusing on technology to address feedstock shortages.
“Today, there is more focus on science and technology. The [Middle East] region is short of gas. There needs to be a focus on how to best optimise across the value chain,” he added.
Al Moosa said the companies are also looking at better integration to lower costs and improve supply chain processes.
“With the emergence of shale gas, we see a lot of companies trying to benefit from integration. Not just from a cost perspective but a supply chain perspective,” according to Al Moosa.
The conference ends on Tuesday.
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