GCC petrochemical producers should explore new partnership models for collaboration to collectively capitalise on market access, in order to become a global industry powerhouse, according to a top official.

Speaking at the 11th annual Gulf Petrochemicals and Chemicals Association conference in Dubai, Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, said GCC petrochemical producers need to think creatively and develop opportunities presented by growing demand for petrochemical products, particularly in Asia, a Wam report said.

He said that companies need to overcome barriers by enhancing trade policies, by working together, leveraging combined strengths, aligning interests and investing together, to increase competitive advantages and grow its market share.

Dr Al Jaber noted that by 2030, Asia will become the main driver of global economic growth, with demand for petrochemicals doubling.

According to Platts Petrochemical Analytics, the global demand for polyethylene will exceed supply post 2022, opening up further growth opportunities.

Highlighting, Adnoc’s recently approved 2030 strategy and five-year business plan, Dr Sultan said it plans to almost triple its petrochemical production capacity, from 4.5 to 11.4 million tonnes per year, by 2025.