Middle East will be pivotal for global petrochem industry
11 Mar '06
3 min read
Osama Al-Zamil, General Manager of the Zamil group (Riyadh), and Matouq Jannah, Senior Vice, President at Safra (Jeddah), called for stronger support from the Saudi government for private sector projects in Saudi Arabia.
The competitive edge of Middle East producers could erode, however, Kamal P. Nanavaty, President of Cracker and Polymers at Reliance Industries (Mumbai), told delegates. This is because high demand for polypropylene and other derivatives of liquid naphtha-based ethylene crackers cannot be fulfilled from the gas-based ethylene crackers in the Middle East. "The propylene chain improves Asian competitiveness," Nanavaty said.
Announcing the formation of a new association of Middle East petrochemical producers, John Taylor, CEO of Borealis (Vienna), called on industry leaders to improve the reputation of the plastics industry worldwide.
George Intille, Vice President at SRI Consulting, warned that, based on current consumption and official reserve estimates, the world has only 19 years of oil supply left without Middle East resources. Europe has only three years "before the lights go out," he said.
Global gas supplies are more plentiful but Intille called for the Middle East to invest in recoverability of resources and new technologies for upgrading natural reserves. To achieve the full value from resources, Middle East producers should add value downstream, he advised.
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