Annual GPCA forum opens with big turnout
Published: 04:12 PM,Dec 02,2024 | EDITED : 08:12 PM,Dec 02,2024
Annual GPCA forum opens with big turnout
MUSCAT: The 18th Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) opened here on Monday under the auspices of Shaikh Dr Ali bin Masoud al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ).
Hosted by OQ Group, the event has drawn over 2,600 participants from 43 countries, including ministers, GCC energy leaders, corporate executives and industry experts. It serves as a vital platform to foster collaboration and innovation while highlighting the Gulf region’s role in advancing global industry standards.
Abdulrahman Al Fageeh, CEO of SABIC, opened the forum with a keynote address reflecting on the interconnected nature of the regional and global petrochemical industries. He acknowledged the support of the Ministry of Energy and Minerals (MoEM) and other stakeholders in fostering collaboration.
Al Fageeh emphasised the influence of global economic trends on regional strategies, noting that “our industry marches to the global economy’s rhythm.” He pointed to the 2.7 per cent growth in global GDP this year, comparable to 2022, and highlighted easing inflation and lower interest rates as positive developments.
However, he cautioned that these favourable conditions alone would not suffice to drive substantial growth in the petrochemical sector, calling for proactive measures to stimulate demand and align global capacity with future opportunities.
Al Fageeh underscored the importance of inspiring young people to pursue careers in the chemicals and petrochemicals industry, describing this as critical to sustaining the sector’s long-term growth.
Hosting the forum for the first time, OQ Group showcased its commitment to advancing the petrochemical industry locally, regionally and internationally. By leveraging Oman’s natural resources, OQ has strategically invested in downstream and petrochemical sectors, serving over 3,000 customers across 80 countries and positioning itself as a leader in the energy industry.
Shaikh Dr Ali bin Masoud al Sunaidy described the forum as a milestone in Oman’s efforts to advance the energy sector, expand manufacturing and petrochemical industries, and contribute to sustainable economic development.
He called for greater collaboration among GCC nations to address the challenges of a volatile global economy and emphasised the importance of transitioning to clean energy, embracing digitalisation and reducing carbon emissions.
The forum features an exhibition of over 110 companies, showcasing cutting- edge petrochemical technologies and advancements. OQ highlighted its own sustainability and digital transformation initiatives, including its commitment to achieving net-zero carbon emissions by 2050. The group has implemented alternative energy investments, energy intensity reduction programmes and an integrated energy management system to enhance efficiency and sustainability.
Key themes under discussion at the forum include growth, efficiency and sustainability in the petrochemical sector. High-level sessions are exploring resilience, innovation, and strategies to address global challenges such as energy and food security amid shifting geopolitical dynamics.
A major highlight is the SolutionXchange programme, now in its second year, which focuses on energy management, the circular economy and digital transformation, providing a platform for engagement between industry leaders and participants.
OQ’s integrated approach to petrochemical production, spanning the value chain from resource extraction to specialised chemical production, demonstrates its dedication to innovation and operational excellence.
By producing essential raw materials and attracting foreign direct investment, OQ continues to empower Oman’s manufacturing and chemical industries, driving industrial development and sustainable growth.
Hosted by OQ Group, the event has drawn over 2,600 participants from 43 countries, including ministers, GCC energy leaders, corporate executives and industry experts. It serves as a vital platform to foster collaboration and innovation while highlighting the Gulf region’s role in advancing global industry standards.
Abdulrahman Al Fageeh, CEO of SABIC, opened the forum with a keynote address reflecting on the interconnected nature of the regional and global petrochemical industries. He acknowledged the support of the Ministry of Energy and Minerals (MoEM) and other stakeholders in fostering collaboration.
Al Fageeh emphasised the influence of global economic trends on regional strategies, noting that “our industry marches to the global economy’s rhythm.” He pointed to the 2.7 per cent growth in global GDP this year, comparable to 2022, and highlighted easing inflation and lower interest rates as positive developments.
However, he cautioned that these favourable conditions alone would not suffice to drive substantial growth in the petrochemical sector, calling for proactive measures to stimulate demand and align global capacity with future opportunities.
Al Fageeh underscored the importance of inspiring young people to pursue careers in the chemicals and petrochemicals industry, describing this as critical to sustaining the sector’s long-term growth.
Hosting the forum for the first time, OQ Group showcased its commitment to advancing the petrochemical industry locally, regionally and internationally. By leveraging Oman’s natural resources, OQ has strategically invested in downstream and petrochemical sectors, serving over 3,000 customers across 80 countries and positioning itself as a leader in the energy industry.
Shaikh Dr Ali bin Masoud al Sunaidy described the forum as a milestone in Oman’s efforts to advance the energy sector, expand manufacturing and petrochemical industries, and contribute to sustainable economic development.
He called for greater collaboration among GCC nations to address the challenges of a volatile global economy and emphasised the importance of transitioning to clean energy, embracing digitalisation and reducing carbon emissions.
The forum features an exhibition of over 110 companies, showcasing cutting- edge petrochemical technologies and advancements. OQ highlighted its own sustainability and digital transformation initiatives, including its commitment to achieving net-zero carbon emissions by 2050. The group has implemented alternative energy investments, energy intensity reduction programmes and an integrated energy management system to enhance efficiency and sustainability.
Key themes under discussion at the forum include growth, efficiency and sustainability in the petrochemical sector. High-level sessions are exploring resilience, innovation, and strategies to address global challenges such as energy and food security amid shifting geopolitical dynamics.
A major highlight is the SolutionXchange programme, now in its second year, which focuses on energy management, the circular economy and digital transformation, providing a platform for engagement between industry leaders and participants.
OQ’s integrated approach to petrochemical production, spanning the value chain from resource extraction to specialised chemical production, demonstrates its dedication to innovation and operational excellence.
By producing essential raw materials and attracting foreign direct investment, OQ continues to empower Oman’s manufacturing and chemical industries, driving industrial development and sustainable growth.