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FINANCIAL NEWS
GCC looks for new strategy to use oil surplus
13 May 2016
(MENAFN) The Gulf region’s petchem sector has now capacity in excess of 136mn tons, thus experts suggest that GCC’s petrochemical industry must use the current headwinds as an opportunity to evolve.
In accordance, petrochemicals have enabled other industries in Gulf Cooperation Council like plastics conversion, and sophisticated support industries like supply chain management, logistics and shipping.
However, an innovation strategy in exploiting and integrating petchem industry is needed, and it must include the generation of intellectual property and a long-term investment strategy into research and development.
Gulf Petrochemicals and Chemicals Association (GPCA) has earlier reported on several key findings on innovation amongst the GCC’s petchem industry, plus Investments in R&D were valued at USD529mn in 2014.
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