SABIC CEO Calls on GCC Chemical Companies to Step Up Green Transition Efforts

Saudi Arabia – Chemical companies need to decarbonize faster than manufacturing, the CEO of one of the Middle East’s leading companies has warned.

Speaking at the Gulf Petrochemicals and Chemicals Association leaders’ forum in Dubai, the head of the Saudi Basic Industries Corporation – known as SABIC – urged his industry to embrace “laser-sharp focus” to improve its green references.

Yousef A. Al-Benyan, also the company’s chairman, recognized the broad implications, urgency and impact on shareholder value of reducing greenhouse gas emissions using a circular economy platform from carbon.

Addressing delegates, he said: “For chemical companies in the GCC (Gulf Cooperation Council), meeting the decarbonization target is even more critical than for other manufacturing sectors of the economy, as industry chemical itself is a decarbonization tool for national oil companies.

“We need to think about this challenge much more strategically with an ultra-precise focus.”

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

He added: “The key question is how GCC companies can address these priorities. The answer is by focusing on talent and technology. We must take a holistic approach to attracting and retaining top talent and, at the same time, we must create a sustainable source of competitive talent at home.

He continued, “When it comes to technology, we have to admit that chemical companies in the GCC are largely technology users. In the future, technology will create a greater divide between technology developers and technology users as the resource advantage erodes.

The event follows the first GPCA Leaders Forum held last year, where regional leaders shared their lessons on the pandemic, delivered a unified message of resilience and emerged ready to meet the challenges. future.

SABIC unveiled its roadmap to carbon neutrality in 2021, setting out a strategy to decarbonize its operations by 2050, in line with the goals of the Paris Agreement. The roadmap identifies five paths to decarbonization: reliability, energy efficiency and improvements; Renewable energy; Electrification; Carbon capture; and green/blue hydrogen.

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