GCC chemical industrys investment exceeds USD 140 billion in 2019 led by consolidation, says GPCA
GCC chemical-related investments has exceeded $140 billion in the first ten months of 2019 led by consolidation, joint venture agreements and increased number of merger and acquisition (M&A) deals, according to estimates by the Gulf Petrochemicals and Chemicals Association (GPCA), the voice of the chemical industry in the Arabian Gulf region.
Storage supported by a wave of strategic partnerships between regional players and multinational heavyweights, The multi-billion-dollar investments made both within the region and international markets in the areas of refining, petrochemicals, distribution, indicate strong year for M&A deals and a renewed drive by regional producers to consolidate their business, to create critical mass, diversify their business portfolio and expand access to high growth markets.
With the theme, Winning through Strategic Partnerships, The 14th Annual GPCA Forum, held in Dubai's Medinat Jumeirah, December 3-5, 2019, will discuss the role of developing partnerships across the entire value chain to increase the competitiveness of the GCC and the chemistry sector globally. Representatives from the largest industry players including SABIC, Saudi Aramco, Lyondellbasell, ExxonMobil Chemicals, BASF, Oman Oil and Orpic Group, Sipchem, Maaden, Evonik, Total and others highlight the role of collaboration in provide progress on the milestone agreements signed this year and building market leadership and creating value within industry, the economy and society while meeting future needs.
In announcing their new organizational structure, Oman Oil Company and Orbic Group have pledged to invest $28 billion over the next 10 years. His Excellency Dr. Mohammed bin Hamad Al Rumhi, Oman's Minister of Oil and Gas and Chairman of the OOC, will deliver the opening address, the forum to provide an updates on the future of Omans plans and the strong contribution of the Chemical Sector in regional development.
GPCA, General Secretary Dr. Abdulwahab Al-Sadoun, commented, The latest series of joint ventures, consolidation agreements and acquisitions demonstrate the role of partnerships in the future strategic direction of the industry and continue to build on the region's reputation as a credible, long term partner in the global chemical arena. These developments will make the field of regional chemistry more competitiveness by enabling it to leverage the economies of scale, accelerate innovation, and greater market leadership. We can see these large-scale partnerships in the entire value chain, built on robust and sustainable platforms of leading-edge technologies among partners across the board, combining resource and feedstock supply, product application know-how, and growth-market access. The partnership will be increasingly sought after to help chemical players stay agile and resilient and quickly adjust to changes in the global economic picture.
Attracting more than 2,100 international and regional chemical executives each year, the annual GPCA Forum is a leading platform for global and regional manufacturers to discuss and debate key challenges and opportunities, create new business connections and renew existing relationships. It provides a unique opportunity for industry professionals from the Middle East and beyond, who are eager to showcase their skills, meet key business partners and stay up to date with the latest industry trends.
The forum's program includes a number of prestigious speakers, including Yousef Al-Benyan, CEO, SABIC and Chairman, GPCA, , Bob Patel, CEO, LyondellBasell and President of the International Council of Chemical Associations (ICCA), Karen McKee, President, ExxonMobil Chemical Company, Saori Dubourg, Member of the Board of Executive Directors, BASF, and Eelco Hoekstra, Chairman Executive Board and CEO, Royal Vopak among others.
To view the full list of speakers and register for the forum visit: www.gpcaforum.net
