Thursday 12 / December / 2024
Muscat: The 18th annual forum of the Gulf Petrochemical and Chemicals Association (GPCA) Forum continued its activities yesterday for the second consecutive day, holding sessions that explored the trajectory of the petrochemical industry in line with the Gulf Cooperation Council’s (GCC) vision, strategic partnerships and their role in achieving growth, efficiency and sustainability.
Mulham bin Basheer Al Jarf, Deputy President for Investment at the Oman Investment Authority and Chairman of the Board of Directors of OQ Group, delivered a speech at the forum, highlighting OQ’s contributions. He emphasised that OQ aligns with Oman Vision 2040, enhancing private sector growth. Al Jarf noted that the group launched initial public offerings (IPOs) this year to support economic diversification policies in Oman and attract domestic and foreign investments, ultimately enabling the private sector.
He further highlighted the significance of the 18th Annual GPCA Forum in shedding light on the petrochemical industry’s future and sustainability efforts in the coming phase.
The forum also discussed ambitious visions and strategic plans for the future of the petrochemical industry in GCC countries, addressing challenges such as market fluctuations, regulatory changes, and sustainability goals.
Shaikh Nawaf S. Al-Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC), emphasised the continuing critical role of hydrocarbons in meeting global energy demand.
He stated, “While renewable energy sources will play a larger role, hydrocarbons will remain indispensable. By 2040 and 2050, even with full utilisation of renewable energy, nuclear power, and coal, hydrocarbons are expected to account for a quarter of global energy demand.”
The forum explored the importance of regional and international partnerships in shaping the future of the industry and the growth of the GCC petrochemical sector, highlighting significant developments over the past years.
In a session with chief executives, discussions focused on the evolution and growth of the chemicals industry over the next decade, driven by technological advancements, sustainability imperatives, trade dynamics, market regulations, and emerging global markets. These shifts open new avenues for growth.
Discussions also centered on the impact of breakthroughs in artificial intelligence and other advanced digital technologies on manufacturing, alongside the rising focus on environmental sustainability to meet future demand in sectors such as automotive, healthcare, and consumer goods.
The forum addressed steps to accelerate the adoption of clean energy, particularly for high-emission industries like chemicals, emphasising the importance of digital technologies such as AI in enhancing energy efficiency. Discussions also covered the challenges of renewable energy adoption and cost pressures on the chemicals industry, along with the need to balance investments and sustainability commitments.
Participants also examined how chemical producers are navigating climate challenges while balancing investments in sustainability and innovation.
OQ highlighted investment opportunities available at the Ladayn Polymer Park near its polymer complex in Suhar.
This initiative is in collaboration with the Public Establishment for Industrial Estates (Madayn) and the National Programme for Investment and Exports Development (Nazdaher), which focuses on attracting investments and fostering a supportive environment for investment and export growth under the Tenth Five-Year Plan (2021–2025).
The programme aims to position the Sultanate of Oman as a competitive investment destination and a vibrant business hub within the global trade ecosystem. Ladayn Polymer Park targets self-sufficiency in plastic products and export opportunities abroad.
OQ’s booth at the exhibition accompanying the 18th Annual GPCA Forum, held from December 2–5, 2024, at the Oman Convention and Exhibition Centre, drew significant interest from attendees.
Visitors explored OQ’s efforts in sustainability, innovation, carbon neutrality, digital transformation and the Ladayn Polymer Park.
Over 110 local, regional and international companies participated in the exhibition, showcasing their efforts in areas related to sustainability, digital transformation and carbon neutrality.
