Monday 16 December 2019
 
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M&A, JV DEALS SURGE

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GCC chemical industry spend tops $140bn in 2019: GPCA

DUBAI, October 31, 2019

The GCC's chemical-related investments have exceeded $140 billion in the first 10 months of 2019, led by consolidation, joint venture agreements and an increased number of merger and acquisition (M&A) deals, according to estimates by the Gulf Petrochemicals and Chemicals Association (GPCA).

The multi-billion-dollar investments made both within the region and international markets in the areas of refining, petrochemicals, distribution, and storage are supported by a wave of strategic partnerships between regional players and multinational heavyweights, reported Emirates news agency Wam.

With the theme, "Winning through Strategic Partnerships", the 14th Annual GPCA Forum to be held from December 3 to 5 at the Madinat Jumeirah, Dubai, will discuss the role of fostering partnerships across the entire value chain to increase the chemical industry’s competitiveness in the GCC and globally.

Representatives from largest industry players including Sabic, Saudi Aramco, Lyondell Basell, ExxonMobil Chemicals, BASF, Oman Oil and Orpic Group, Sipchem, Maaden, Evonik, Total and others will provide updates on the milestone deals signed this year and highlight the role of collaboration to build market leadership and create value within the industry, the economy and the society, while meeting the needs of the future.

In announcing their new organisational structure, the Oman Oil Company and Orpic Group have pledged to invest $28 billion in the next 10 years. Dr. Mohammed bin Hamad Al Rumhi, Minister of Oil and Gas, Oman, and Chairman, will deliver the inaugural address at the forum.

Dr Abdulwahab Al-Sadoun, secretary-general, GPCA, said, "The recent series of joint ventures, consolidation deals and acquisitions demonstrate the role of partnerships in the industry’s future strategic direction and continue to build on the region’s reputation as a reliable, long-term partner in the global chemical arena. These developments will result in greater competitiveness in the regional chemical industry by enabling it to leverage economies of scale, accelerate innovation and greater market leadership."

Attracting over 2,100 international and regional chemical executives each year, the Annual GPCA Forum is a leading platform for both global and regional producers to discuss and debate over key challenges and opportunities, make new business connections and renew existing relationships.




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