Asian Chemical Connections
Europe’s petrochemical sector must change to deal with the new global reality of greater competition stemming from US shale gas along with other challenges, said Mohamed Al-Mady, vice chairman and CEO of Saudi Arabia-based SABIC which has major operations in Europe.
“Europe faces a new reality. The European chemical industry and various governments need to focus on more resource and cost efficient manufacturing, targeting incentives for innovation at the development stage and instituting a robust regulatory framework based on good science with clear goals,” said Al-Mady at the 47th annual European Petrochemical Association (EPCA) meeting.
INSIGHT: Lower oil price hits major petchems but stimulates demand
"We have a curious but perhaps not atypical situation in Europe currently."
VIDEO: ICIS special report - impact of lower crude oil prices