The Gulf region's petrochemical industry expect a better year ahead, despite concerns over Europe slipping back into recession as a result of the ongoing sovereign debt crisis, Mohamed Al-Mady, SABIC Vice Chairman and CEO and Chairman of the Gulf Petrochemicals and Chemicals Association, said. In his opening remarks at the three-day Sixth Annual GPCA Forum in Dubai Tuesday, Al-Mady based his optimism on the general consensus that the eurozone will have a slightly positive growth, and the US will avoid a double dip recession. The GPCA Forum is being held from December 13 to 15 under the theme “Moving Downstream Creating Added Value and Sustainable Growth.” “If this growth forecast prevails in 2012, it should be a good year for our industry. Financial results should receive an additional boost due to improved industry operating rates in 2012 as there will be less new capacity coming on stream,” Al-Mady said. He also pointed out to the good profitability enjoyed by most chemical producers in 2011. Al-Mady stressed that innovation will always be key driver in the petrochemical industry's efforts to remain competitive and relevant players. “Comparative advantage is not static but is dynamic and industries must maintain continuous improvement, continuously learning and achieving technological upgrading,” he said. On the issue of sustainability, Al-Mady said that just as the petrochemical industry has provided the technology that has contributed tremendously to good health, good lifestyles and global mobility, it must now provide business solutions for a sustainable planet. “The Gulf petrochemical suppliers must possess the most material and energy efficient processes and we must produce products that enable the entire value chain to be more sustainable.” While noting that the GPCA has made significant progress in establishing the Responsible Care initiative in the Middle East and Gulf region, Al-Mady said the “Responsible Care Committee has done an excellent job in designing an implementation program for the region and building alliances with peer associations around the world.” He regretted the fact that the slowdown in global economic growth is providing an environment that leads to protectionist activities. “As an industry and as a trade association that believes in the value and benefits associated with free trade, we must do our best to advocate against unfair trade practices wherever they may appear,” Al
