DOHA — Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that the global demand for petrochemicals will continue registering rapid growth. “Those who talk about the energy transition must accept the reality of today and the future,” he said while addressing the17th Annual GPCA Forum, with the theme of ‘Mobilizing chemistry for impactful transformation’ in Doha on Sunday.
The minister said that the rapid growth of the petrochemical sector will necessarily be reflected in the volume of demand for hydrocarbons as raw materials. In his speech, Prince Abdulaziz referred to market and analyst reports, which expect the global petrochemical sector to grow by more than 50 percent to about 1.2 trillion tons annually by 2040.
“Petrochemicals are here to stay, and the hydrocarbon sector will continue to generate income and generate money for investors. So I would like to ask our friends who are talking about transformation, to live with the data in their hands, and the facts before them today, and for decades to come,” the minister said while pointing out that petrochemicals and their derivatives constitute about 50 percent of the components of our cars, including electric ones.
The activities of the 17th annual GPCA Forum, which kicked off on Sunday, will discuss the role of the chemical industry in sustainability and the transition to clean energy. Minister of State for Energy Affairs in Qatar and President and CEO of Qatar Energy Company Saad bin Sherida Al-Kaabi inaugurated the forum.
The forum will explore vital topics like sustainability, innovation, and low carbon emissions with both local and global perspectives, besides engaging with global and regional chemical leaders, dive into immersive discussions about the future of procurement, and empower the youth for a sustainable tomorrow.
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