Dubai will host today, Wednesday, the Gulf Petrochemicals and Chemicals Association (GPCA) forum.
The annual GPCA Forum is the largest petrochemical industry event in the region that brings together senior leaders of the sector in the Arabian Gulf region, and provides them with a platform to learn regarding the reality of the industry and its future directions.
The Secretary-General said Gulf Petrochemicals and Chemicals AssociationDr. Abdulwahab Al-Saadoun, in an interview with Al-Arabiya on the sidelines of the forum, said that the petrochemical industry in the Gulf has adopted, since its inception, the strategy of industrialization for export, as 85% of the total production is exported to foreign markets, and therefore any closures and disturbances in the supply system affect prices Shipping and availability of containers, which is a burden on producers who export the majority of their production abroad.
Al-Saadoun explained that the prices of containers increased by regarding 5 times compared to 2019, as they increased from $2,000 to more than $10,000.
He pointed to the importance of employing technologies such as “blockchain” and artificial intelligence to improve performance and raise production rates, as well as improving the supply system, so that producers in the Gulf maintain their global competitiveness.
Al-Saadoun mentioned that there are expectations that China will continue to be a major global importer in some commodity products, even though it has adopted a policy of self-sufficiency.
He said that since China is considered the “factory of the world”, any decrease in its growth rate affects demand and thus affects prices.
