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Dubai / WAM
Borouge, Khalifa Industrial Zone Abu Dhabi (Kizad), National Industrialisation Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019, which is set to take place from January 5 to 8, at Dubai International Convention and Exhibition Centre.
In a press conference, it was announced that Borouge will serve as a strategic partner, Kizad as support sponsor, and Tasnee will be the regional associate for the high-net-worth event, while Orpic is the gold sponsor.
According to Ubhar Capital report, shares in petrochemical companies in the Gulf Cooperation Council (GCC) performed better this year than in 2017 and the outlook looks decent for 2019. In 2018, earnings of GCC petrochemical companies have reached $7.57 billion (AED27.81 billion) compared to the full year 2017 earnings of $7.45 billion, a rise of two percent.
“The GCC countries play a major role in meeting global demands related to plastics and petrochemicals. This has not only increased the productivity of the industry but also strengthened its growth,†said Satish Khanna, General Manager, Al Fajer Information and Services, Dubai — the organisers of ArabPlast 2019.
With the industry experiencing a steady growth, plans are already in place for a massive investment in the downstream sector, with more than $200 billion expected to be ploughed into new refining and petrochemicals ventures in the GCC countries by 2025. According to a new report released by the International Energy Age-ncy (IEA), primary chemicals consumption will grow almost 60 percent to one billion tonnes by 2050, and the Gulf countries will account for 12 percent of all global high value-chemicals.
“The petrochemical sector has considerable room for growth, and the Gulf represents the world’s fastest growing markets. We are confident that having Borouge, Tasnee and Orpic associate with ArabPlast 2019, will add value to the event, as well as open doors for comprehensive cooperation and business opportuni-
ties for visitors and participants,†Khanna added.