Gulf states need to add value to their oil wealth: Equate CEO

ADIPEC KuADIPEC is one of the world’s leading oil and gas events and the largest in Africa and the Middle East. (Image source: ADIPEC)GCC states need to increase their investment in value-added oil and gas processing to support sustainable and long-term economic growth, according to Mohammad Husain, president and CEO of Equate Group at the onset of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), to be held from 13-16 November 2017

He further said that better integration of upstream, midstream and downstream sectors of the industry should be a priority for national oil companies in the region.

Husain said that the region has emerged as a global hub for the production of chemicals and petrochemicals in last two decades, and the industry has been on a consistent and exponential expansions drive, growing at an average compound annual growth rate of 12 per cent.”

“As the global market for oil, gas and petrochemicals further evolves, we need to bring more of the processed value of petroleum products within our own economy as means for greater diversification and industrial presence. This has become a high priority for Gulf NOCs,” he added.

ADIPEC 2017 will organise dedicated conference and exhibition sections for downstream industries, reflecting their increasing strategic importance to the Middle East NOCs wanting to maximise income across the value chain.

Mohammed Husain will represent the Equate Group, a global petrochemicals enterprise headquartered in Kuwait, on a series of four downstream global leader panel discussions, alongside senior executives from companies including Nova Chemicals, Petronas, Borealis, BP, Pak Arab Refinery, Cepsa and Total.

“The expansion of ADIPEC to include the downstream sector is very welcome,” said Husain. “Countries in this region face very similar challenges, and we must work together in partnership to ensure that our hydrocarbon wealth creates sustainable social and economic benefits for future generations,” he stated.

For more than 30 years, Kuwait has consistently used downstream investments to increase the value of its petroleum resources, operating a group of interlinked companies under the umbrella of the Kuwait Petroleum Corporation (KPC), including oil production, refining, shipping and petrochemicals.

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