SABIC CEO in GBCA: Chemical companies should achieve decarbonization objectives

CEO and Deputy Chairman of Saudi Basic Industries Corporation (known as SABIC) Yousef A. Al-Benyan calls on chemical industry in Gulf Cooperation Council (GCC) to adopt more sharp focus on meeting circular economy objectives and decabonization besides overcoming structural main challenges.

Speaking at the Gulf Petrochemicals and Chemicals Association (GBCA) Leaders’ forum in Dubai under the theme “New Horizons 2022: Regional Energy Transition”, Al-Benyan highlighted the high positive implications on shareholder value of reducing greenhouse gas emissions and utilizing decarobnization circular economy.

“Decarbonizing GCC chemical industry is more important than in any other sector because the chemical industry itself is a crucial pillar of decarbonizing national oil companies”, he added.

Al-Benyan said that there are three priority transformation areas for the chemical industry: partnerships and collaborations; agility; and new business and operating models.

On how GCC companies should adopt these three priorities, SABIC CEO called on them to focus on technology and talents besides following a global approach to attract and retain the best talented people, so, the companies must create a sustainable source of best talents regionally.

He also told the 2^nd edition Forum: “We have to admit that the GCC chemical industry has become a technology user, on that basis, we should be concerned about a wider gap will be created between technology-developers and technology-users”.

It should be noted that SABIC unveiled its Carbon Neutrality Roadmap in 2021, setting out a strategy to decarbonize its operations by 2050, in line with the goals of the Paris Agreement. This roadmap mentioned five tools to decarbonization: Reliability, Energy Efficiency and Improvements; Renewable Energy; Electrification; Carbon Capture; and Green or Blue Hydrogen.