Saudi Minister of Energy: Global Demand for Petrochemicals to Continue
The Saudi Minister of Energy Abdulaziz bin Salman said that the growth of global demand for petrochemicals will continue. The minister added that the sector is witnessing rapid growth. 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 our cars components, including electric ones.
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