Abdulaziz F. Al-Khayyal, senior vice president of Refining, Marketing and International, told a recently held conference audience in Manama that as Saudi Arabia expands its petrochemical industries, "numerous other industries also flourish," not just in Saudi Arabia, but in the world. "That could make the Kingdom a major player in the world economy for something other than oil." Al-Khayyal made these remarks in a keynote address at the Chemical Market Associates Inc. (CMAI) and Purvin and Gertz Conference on "Energy as the Lifeblood of the Petrochemical Industry: The Future Role of the Middle East Region." After discussing growing oil demand, peak-oil theories and other topics, he turned his attention to the outlook for the petrochemical industry and its importance, not only to the Middle East's aspirations, but also in the rest of the world. "The impact of the petrochemical sector is greatest in terms of both value addition and job creation in the downstream segment and the fabrication of finished products," he said. But chemicals also are required as raw materials in a wide range of other industries. "As such," he said, "the chemical sector is an enabling industry, which underpins virtually all other sectors of the economy, meaning that as the petrochemical and chemical sector develops and expands, numerous other industries also flourish." Although the $1.7 trillion chemical industry is a global business dominated by the EU, Japan and the United States, Al-Khayyal said the Middle East can become a leading contributor. --MORE
