The chemical industry in the GCC and globally is in the midst of a fundamental transformation, reshaping existing business models and forcing industry leaders to rethink their strategy for the future. Looking forward, the regional industry’s key priorities will be to focus on developing new business models, pursuing industry consolidation and asset integration, enhancing their international footprint, and supporting a corporate culture focused on innovation and performance excellence.
GCC producers are operating in an increasingly competitive environment, facing very different industry economics compared to 10 years ago. They are having to contend with limited feedstock availability to support additional production growth, and slower chemicals demand growth in Asia, the region’s largest export market.
In addition, China’s accelerating push for self-sufficiency in chemicals is adding further pressure on GCC chemical producers. To respond to the new industry dynamics and remain competitive, companies must embrace the need for a fundamental transformation.
Past ten years had been remarkable in the progress of the Middle East refining and petrochemical industry as it witnessed implementation of landmark projects, development of game-changing technologies and creation of novel products, under the leadership of dynamic technocrats.
The roadmap to success for the refining and petrochemical industry is defined by the right combination of people, projects, processes and products. The outlook for the Middle East downstream industry is strong, but the good times may not last forever and the region's industry needs to 'get fit' and transform itself for the challenges of the future.
While there is tremendous potential for the industry, to reap the benefits, the players need to realise that the rules of the game have changed. They must transform themselves as per the need of the hour. The Middle East downstream industry needs to get fitter, more nimble and more agile. It needs to invest in the right technology and innovation that delivers demonstrable results. And, consolidation needs to be looked at very seriously.
The region’s operators need to manage costs more effectively, institute world-class commercial manufacturing, supply chain and functional operations, and look seriously at the possibilities of both divestiture and consolidation. The industry’s strategic actions today will define its position in the global downstream landscape during the next decade. People, projects, processes and products are the essential ingredients in this transformation.
We have ranked this year’s list of Refining & Petrochemicals Middle East ‘Power 50’ based on the influence of the individual on the region’s refining and petrochemical industry, and how they are positioning their organisations in the global downstream landscape. For this, we have considered their endeavours during 2018-2019. The amount of business each company has done in 2019 is definitely one of the factors, but this Power 50 is more than just a rich list for the downstream industry professionals.
We have acknowledged new projects, innovations, and approach to sustainability and corporate social responsibility in determining the entries as well as the ranking. As you can see from the following pages, there are a number of new entries to the list, while some individuals from the 2018 list have moved out. The rankings also have changed notably.
Congratulations to all the individuals who have been portrayed in this year’s Refining & Petrochemicals Middle East Power 50!
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