Deputy Governor of Eastern Province Meets Sipchem CEO
Deputy Governor of the Eastern Province Saud bin Bandar bin Abdulaziz welcomed the CEO of Sahara International Petrochemical Company (Sipchem) Abdullah Al-Saadoun along with several company leaders today in his office, reported Saudi Press Agency.
During the meeting, Al-Saadoun provided an overview of Sipchem’s business and achievements. He noted the Deputy Governor’s continuous interest in everything that contributes to the development and sustainability of private sector companies.
Besides contributing to the local and national economy, these companies are one of the most important bodies that provide job opportunities for Saudi men and women.
Global Demand for Petrochemicals
Last December, the Saudi Minister of Energy Abdulaziz bin Salman said that the growth of global demand for petrochemicals will continue. He stressed that those who talk about the energy transition must accept the reality of today and the future.
The Saudi Minister of Energy explained, during his speech on the sidelines of the annual GPCA conference held in Doha, that the rapid growth of the petrochemical sector and global demand for petrochemicals will necessarily be reflected on the volume of demand for hydrocarbons as raw materials.
The proceedings of the 17th annual GPCA Forum started on Sunday. The forum discusses the role of the chemical industry in sustainability and the transition to clean energy. The Minister of State for Energy Affairs in Qatar and the President and CEO of Qatar Energy Saad Al-Kaabi opened the forum.
The Saudi Minister of Energy also referred to market and analyst reports. The reports expect the global petrochemical sector to grow by more than 50 percent to about 1.2 trillion tons annually by 2040.
“Petrochemicals will stay, and the hydrocarbon sector will continue to generate income and generate money for investors… Therefore, I would like to ask our friends who are talking about transformation, to adapt to the data in their hands, and the facts before them today, and for decades to come,” said the minister.
He pointed out that petrochemicals and their derivatives constitute about 50% of cars components, including electric ones.
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