Equate Petrochemical Company, Kuwait’s first international joint venture, is backing the ongoing 10th Annual Gulf Petrochemicals & Chemicals Association (GPCA) Forum, being held in Dubai, UAE, as a sponsor.

The forum which kicked off yesterday (November 17) will run until tomorrow (November 19), at the Madinat Jumeirah.

The forum is considered one of the most celebrated industrial events through gathering top executives from around the world, said a statement.

GPCA gathers top executives from petrochemical and chemical companies, as well as government bodies and other entities to discuss various topics, it said.

Mohammad Husain, president and CEO, Equate, said: “Our participation in the 10th edition of GPCA Annual Forum is an embodiment of our commitment to this organisation that plays a critical role in supporting the petrochemical and chemical industries throughout the world, not only the Gulf.”

“Equate is honoured to have been one of the active ‘Partners in Success’ in all GPCA events throughout the years, including the first ever GPCA Forum,” he said.

“Although the revenues of the global petrochemical and chemical industries have exceeded $4.2 trillion during 2014, the Gulf’s share from these revenues were only 2 per cent,” added Husain, who is also a GPCA board member.

During that year, the Gulf had a 6 per cent share of the global production which reached over 21.5 billion tonnes, said the statement.

Husain noted: “Moreover, in 2014, the Gulf’s total petrochemical exports exceeded 67 million tonnes valued at $62 billion, with Kuwait having only a 7 per cent share of total production with 8.6 million tonnes.”

He said: “This is a long-term strategic industry and it has a cyclic nature. For that, companies have to build their resilience and reliability to be prepared for any future down-dips in the cycle. In terms of overall international market conditions, difficulties have been witnessed throughout different regions.”

Husain further added that the challenges facing our industries remain the same in terms of fluctuating prices due to supply and demand, feedstock availability, adequate infrastructure and, most important, specialised human capital.

“At the same, the Gulf’s petrochemical and chemical producers have been successful at maintaining their global presence through innovative solutions, high-quality products and top in-class services,” he concluded. – TradeArabia News Service