Amin H. Nasser
President & CEO
The Economic Downturn and Its Effect on the Oil Downstream Industry
The focus of the remarks is on creating a world leading chemical industry in the Middle East region, consistent with its dominant position in critical oil and gas feedstocks. The petrochemical industry in region has progressed well from modest beginnings. However, it has enormous growth opportunities, when viewed in the global context. The worldwide sector’s turnover in 2015 was about $4 trillion and it directly employed more than 10 million people while looking more closely at the Gulf Cooperation Council (GCC) countries, their share of the total was less than 3% and 1 1/2%, respectively. The remarks discuss ways of greatly expanding the region’s share of the global chemicals pie, including turning it into a potent creator of much needed jobs. The key enablers to achieve the goals are also reviewed. Furthermore, with the supply of ethane moderating in the region, the growing importance of liquid feedstocks is discussed, including ways of making them more competitive.