Borouge, Khalifa Industrial Zone Abu Dhabi (KIZAD), National Industrialization Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019. The event is set to take place from Jan. 5-8, 2019, at Dubai International Convention and Exhibition Center.
While Borouge will serve as a strategic partner, KIZAD as support sponsor, Tasnee will be the regional associate for the event, while Orpic is the gold sponsor. This was announced at a press conference at Grand Hyatt in Dubai.
According to Ubhar Capital, shares in petrochemical companies in the GCC performed better this year than in 2017 and the outlook looks decent for 2019. In 2018, earnings of GCC petrochemical companies stood at $7.57 billion compared to full year 2017 earnings of $7.45 billion, higher by 2 percent as reported by the Ubhar Capital report.
“GCC countries play a major role in meeting global demands related to plastics and petrochemicals. This has not only increased the productivity of the industry, but also strengthened its growth,” said Satish Khanna, general manager, Al-Fajer Information and Services, Dubai, organizers of ArabPlast 2019.
With the industry experiencing a steady growth, plans are already in place for a massive investment in the downstream sector, with more than $200 billion expected to be plowed into new refining and petrochemicals ventures in the GCC by 2025. According to a new report released by the Paris-based International Energy Agency (IEA), primary chemicals consumption will grow almost 60 percent to 1 billion tons by 2050, where the Gulf will account for 12 percent of all global high value-chemicals.
“The petrochemical sector has considerable room for growth, and the Gulf represents the world’s fastest growing markets. We are confident that having Borouge, Tasnee and Orpic associate with ArabPlast 2019 will add value to the event, as well as open doors for comprehensive cooperation and business opportunities for visitors and participants,” added Khanna.
Borouge is a petrochemical company that provides innovative, value-creating plastics solutions.
“We are glad to participate at ArabPlast to meet with the industry leaders to exchange ideas and discuss the best ways to move our business ahead,” said Ahmed Al-Shamsi, senior vice president regional MEAE at Borouge.
He added: “As our participation at ArabPlast this year coincides with our 20th anniversary celebration, Borouge will be able to utilize this important platform to meet with our customers, partners and peers and showcase our innovative polyolefin solutions and emphasize the many opportunities they create, throughout the value chain.”