DOHA: Investing in home-grown talent and digital technology is key to accelerating the growth of petrochemical sector in the GCC countries, according to a joint report by the Gulf Petrochemicals & Chemicals Association (GPCA) and Accenture, the Dublin-based world’s largest consulting firm.
The GCC’s petrochemicals industry exported 63.4 million tonnes of chemicals in 2013, according to GPCA estimates, valued at $55.5bn. The sector currently produces over 90 products, with the portfolio expected to expand to 160 products by 2020.
In a press statement yesterday, GPCA, said: “A digital supply chain will help tackle the challenges associated with petrochemical export growth but the GCC chemical producers must invest in local talent to operate these complex systems.”
Released during the sixth GPCA Supply Chain conference, the “Chemicals Supply Chains in the Arabian Gulf: Chokepoints and Opportunities” report states chemicals companies must look beyond efficiency and focus on attracting talent that understands rapidly changing markets. “Chemical producers in the GCC are well- versed in managing the challenges associated with multifaceted supply chains as this is an export oriented market,” said Dr Abdulwahab Al Sadoun, Secretary General of GPCA. “The industry will continue to earn valuable export revenues as the more and more products are added to the sector’s portfolio.”
A digital supply chain reduces costs by applying more efficient logistics, decreases purchasing costs and supplies, and eliminates obsolete inventory while strengthening customer service, reaching new consumers and, ultimately, growing sales. The Peninsula
