Page 173 - CW E-Magazine (2-1-2024)

Annual GpcA Forum

REMAINING RELEVANT

‘Global petrochemicals demand to continue growing

in any energy transition scenario’

rince Abdulaziz Bin Salman Al- and the hydrocarbon sector will con- The forum – organised by the Asso-
Saud, the Minister of Energy of tinue to generate income and generate ciation that represents the downstream
PSaudi Arabia, has said that the money for investors. So, I would like hydrocarbons industry in the Gulf re-
global demand for petrochemicals will to ask our friends who are talking about gion – featured a speaker line-up that
continue registering rapid growth in transformation, to live with the data in consisted of senior industry leaders,
the decades to come. “Those who talk their hands, and the facts before them representing some of the world’s largest
about the energy transition must accept today, and for decades to come,” the chemical firms. They discussed the role
the reality of today and the future,” he minister said while pointing out that of the chemical industry in sustainability
said, while addressing the 17th Annual petrochemicals and their derivatives and the transition to clean energy and
GPCA (Gulf Petrochemicals and constitute about 50% of the components explored vital topics like sustainability,
Chemicals Association) Forum on the of our cars, including electric ones. innovation, and low carbon emissions
theme of ‘Mobilising chemistry for with both local and global perspectives,
impactful transformation’ held in Doha, The minister outlined Saudi Arabia’s as well as the future of procurement.
Qatar, from December 3-6, 2023. petrochemicals strategy focussing on
enhancing value addition and reducing Inaugural address
carbon footprint. “We are focusing on Earlier, the Minister of State for
liquids to chemicals and upgrading low Energy Affairs in Qatar, and President
value streams, that are being burned as and CEO of Qatar Energy Company,
fuel, to feedstock for petrochemicals,” Mr. Saad bin Sherida Al-Kaabi inaugu-
he said. Saudi Arabia is assessing pro- rated the forum. Speaking after the
duction of sustainable and low carbon inauguration, Mr. Al-Kaabi outlined a
chemicals, such as e-methanol and three-point agenda for ensuring an “equi-
clean urea by building a carbon dioxide table, secure and sustainable energy
utilisation hub, he said. transition”, which not only protects
the earth, but also propels economic
“It is important to recognise that growth. The agenda outlined by him in-
the petrochemical sector is also a cru- cluded enablers like greater investment
cial element in the global campaign in energy efficiency and low carbon in-
to reduce Greenhouse Gas Emissions novation spanning areas like renewable
(GHG). The petrochemical industry is energy integration, carbon capture &
often under scrutiny for environmental
Mr. Abdulaziz Bin Salman Al-Saud concern, but it has emerged as a driv-
The minister said the rapid growth ing force in fostering positive changes
of the petrochemicals sector will nece- in the fight against climate change,” he
ssarily be reflected in the volume of pointed out.
demand for hydrocarbons as raw mate-
rials. He referred to the numerous market Speakers at the event, attended by
and analyst reports, which expect the representatives of the petrochemical in-
global petrochemicals sector to grow dustry from the Middle-East and other
by more than 50% to about 1.2-trillion regions of the world, underlined the fact
tons annually by 2040, with demand for that fossil fuels could not be wished
basic chemicals such as ethylene and away, even as the recently concluded
propylene, growing by more than 60%. COP28 meeting in the neighbouring
UAE saw negotiations on “orderly and
“Petrochemicals are here to stay, just” phase out of fossil fuels. Mr. Saad bin Sherida Al-Kaabi

Chemical Weekly January 2, 2024 173

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