|30 October, 2019

GCC chemical industry's investment exceeds USD 140 billion in 2019 led by consolidation, says GPCA

14th Annual GPCA Forum will provide progress updates on the milestone deals signed this year

Dubai: GCC chemical related investment has exceeded USD 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.

The multi-billion-dollar investments made both within the region and international markets in the areas of refining, petrochemicals, distribution, storage supported by a wave of strategic partnerships between regional players and multinational heavyweights, indicating a strong year for M&A deals and a renewed drive by regional producers to consolidate their business, build 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 on 3-5 December 2019 at the Madinat Jumeirah, Dubai, will discuss the role of fostering partnerships across the entire value chain to increase the chemical industry’s competitiveness in the GCC and globally.  Representatives from the largest industry players including SABIC, Saudi Aramco, LyondelBasell, ExxonMobil Chemicals, BASF, Oman Oil and Orpic Group, Sipchem, Maaden, Evonik, Total and others will provide progress updates on the milestone deals signed this year and highlight the role of collaboration to build market leadership and create value within industry, economy and society, while meeting the needs of the future.

In announcing their new organizational structure, Oman Oil Company and Orpic Group have pledged to invest USD 28 billion in next 10 years. His Excellency Dr. Mohammed bin Hamad Al Rumhi, Minister of Oil and Gas, Oman, and Chairman, OOC, will deliver the inaugural address at the Forum to provide an update on the future plans  of Oman and the chemical industry’s strong contribution in regional growth.

Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA, commented, “The recent series of joint ventures, consolidation deals and acquisitions demonstrate the role of partnerships in the industry’s future strategic direction and continue to build on the region’s reputation as a reliable, long term partner in the global chemical arena. These developments will result in greater competitiveness in the regional chemical industry by enabling it to leverage economies of scale, accelerate innovation and greater market leadership. We can expect to see more of these large-scale alliances across the entire value chain, built on strong and stable platforms of leading-edge technologies between partners from across the board, combining resource and feedstock supply, product application know-how, and growth-market access. Partnerships that help chemical players stay agile and resilient and quickly adjust to changes in the worldwide economic picture will be increasingly sought after.”

Attracting over 2,100 international and regional chemical executives each year, the Annual GPCA Forum is a leading platform for both global and regional producers to discuss and debate key challenges and opportunities, make 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 capabilities, meet with key business partners, and keep up to date with the latest industry trends.

The Forum’s program includes a prestigious line-up of 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 

About the Gulf Petrochemicals & Chemicals Association

The Gulf Petrochemicals and Chemicals Association (GPCA) was established in 2006 to represent the downstream hydrocarbon industry in the Arabian Gulf. Today, the association voices the common interests of more than 250-member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the GCC. The industry makes up the second largest manufacturing sector in the region, producing over USD 108 billion worth of products every year.

GPCA supports the petrochemical and chemical industry in the Arabian Gulf through advocacy, networking and thought leadership initiatives aimed at helping member companies to connect, share and advance knowledge, contribute to international dialogue, and become prime influencers in shaping the future of the global petrochemicals industry.

Committed to providing a regional platform for stakeholders from around the world, GPCA manages six working committees – Plastics, Supply Chain, Fertilizers, International Trade, Research and Innovation, and Responsible Care – and organizes six world-class events each year. The association also publishes an annual report, regular newsletters and various other industry reports.

For more information, visit www.gpca.org.ae

Contact:
Ronak Thakkar
FleishmanHillard                                                                                                                              
E: ronak.thakkar@fleishman.com
Tel: +971 54 586 9828
Slavka Atanasova                                                                                            
Gulf Petrochemicals and Chemicals Association                                  
P. O. Box 123055,                                                           
Dubai, United Arab Emirates                                                                      begin_of_the_skype_highlighting
E: slavka@gpca.org.ae 

© Press Release 2019

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