BARCELONA (ICIS)--Arabian Gulf petrochemical companies are committed to pursuing a low carbon future while battling the impact of the coronavirus pandemic and increasing self-sufficiency in China, according to the Gulf Petrochemical Association (GPCA).
- Transition to a low carbon future presents opportunities for Gulf Cooperation (GCC) chemicals
- Region is committed to boost recycling plus new, greener technologies
- GCC chemicals managed to grow volumes in 2020, despite the pandemic
- But 2020 sales projected to fall 20-24% to around $52bn
- Supply chain disruption in Q1, Q2 as China closed ports
- GCC trading volumes fell 9.2% in 2020, global chemical trade fell 20%
- $72bn in planned projects due to be commissioned 2020-2024
- Planned projects may be delayed until chemical demand completely recovers
- Chemical volumes, sales expected to rebound in 2021
- Packaging expected to perform strongly
- China will become more self-sufficient in paraxylene (PX), ethylene glycol (EG), styrene and polypropylene (PP)
Podcast interview with GPCA secretary general Dr. Abdulwahab Al-Sadoun; John Richardson – senior consultant, Asia, ICIS; Nigel Davis – ICIS Insight Editor; and Paul Hodges – chairman, New Normal Consulting.
Interview by Will Beacham
Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS.
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