GPCA ' 14: Mid East needs to boost value-added products – Dow

DUBAI (ICIS)--The Middle East needs to boost its production of value added products to retain its competitiveness amid current developments in other regions that are changing the energy landscape globally, Dow Chemical chairman and CEO, Andrew Liveris said on Monday.
 

"Given the shale gas revolution that we all now know about in North America, given low oil prices and more recent events everywhere, it is very critical that the Middle East really does add value to this god given resource called hydrocarbon," he said at the 9th Gulf Petrochemicals and Chemicals Association (GPCA) Forum in Dubai, the United Arab Emirates (UAE).

"That's becoming now essential for unleashing the true economic power of the region," he added.

The region will have to groom new talent and create an education system that will reflect the needs of the current generation of young people that are facing high unemployment levels, he said.

Liveris cited the example of Dow's newly-launched "Young Scientists Program", an initiative with the partnership with GPCA, that aims to identify and reward students aspiring to pursue a career in chemical and petroleum engineering.

On a broader level, Liveris urged Middle East governments to create regulatory frameworks by working together with the industry to develop the innovation ecosystems that will spur private sector investments in "innovation-centric technologies".

This will transform the GCC chemicals industry into an advanced manufacturing sector that not only creates opportunities for people in the region but boost other markets such as transportation and consumer products, he said.

Liveris cited the example of the Plaschem Park that is being built next to the Sadara complex in Jubail, in which Dow plans to build a new world-scale coatings facility.

Sadara is in active negotiations with over 20 other companies for projects at Plaschem, each representing their downstream part of the value chain where innovation is central to their value-add as well as to the creation of multiple highly-skilled jobs, he added.