Gulf petrochemical producers are exploring opportunities to expand capacity, diversify production and realise the region's full potential, said Gulf Petrochemicals and Chemicals Association (GPCA) secretary-general Dr Abdulwahab Al Sadoun.

Speaking ahead of the seventh annual GPCA Forum, which will be held in Dubai from November 27 to 29, Dr Al Sadoun said 2011 was a banner year for the Gulf producers.

Output exceeded 120 million tonnes which was a 13.5 per cent growth compared with the 2010 output, and sales revenues increased by 29 per cent from $58.4 billion in 2010 to $75.6 billion in 2011, he was quoted as saying by the Gulf Daily News, our sister publication.

With several projects to come onstream within the next few years, the GCC's position as one of the emerging hubs of the global petrochemical industry will be cemented.

"The theme of our upcoming forum, 'Sustaining competitiveness in a rapidly changing world,' reflects the scale of challenges and opportunities facing the regional petrochemicals industry, which is a key contributor to the Gulf's sustained growth," said Dr Al Sadoun.

"The ongoing economic slowdown in global demand due to the recession in the US and the European financial crisis could adversely impact the global as well as the regional petrochemical producers through lower revenues.

"However, in the Middle East we are on more solid ground, but the global economy's slowdown represents a key concern to all of us," he said.

"It may create uncertainties about the future growth of the global economy and, subsequently, on our strategic hydrocarbon industries.

"To ensure our future success, all participants in the sector need to work more closely together to develop innovative, integrated strategies that will lead to enhanced competitiveness and creation of new, high-skilled jobs," he said.

"This forum represents a critical occasion for everyone in the industry to take part in this important dialogue," he added.-TradeArabia News Service