MUSCAT: The 18th annual forum of the Gulf Petrochemical and Chemicals Association (GPCA) Forum continued its activities on Tuesday for the second consecutive day, holding sessions that explored the trajectory of the petrochemical industry in line with the Gulf Cooperation Council's (GCC) vision, strategic partnerships and their role in achieving growth, efficiency and sustainability.

Mulham bin Basheer al Jarf, Deputy President for Investment at the Oman Investment Authority and Chairman of the Board of Directors of OQ Group, delivered a speech at the forum, highlighting OQ's contributions. He emphasised that OQ aligns with Oman Vision 2040, enhancing private sector growth. Al Jarf noted that the group launched initial public offerings (IPOs) this year to support economic diversification policies in Oman and attract domestic and foreign investments, ultimately enabling the private sector.

He further highlighted the significance of the 18th Annual GPCA Forum in shedding light on the petrochemical industry's future and sustainability efforts in the coming phase.

The forum also discussed ambitious visions and strategic plans for the future of the petrochemical industry in GCC countries, addressing challenges such as market fluctuations, regulatory changes, and sustainability goals.

Shaikh Nawaf al Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC), emphasised the continuing critical role of hydrocarbons in meeting global energy demand. He stated, "While renewable energy sources will play a larger role, hydrocarbons will remain indispensable. By 2040 and 2050, even with full utilisation of renewable energy, nuclear power, and coal, hydrocarbons are expected to account for a quarter of global energy demand."

The forum explored the importance of regional and international partnerships in shaping the future of the industry and the growth of the GCC petrochemical sector, highlighting significant developments over the past years.

In a session with chief executives, discussions focused on the evolution and growth of the chemicals industry over the next decade, driven by technological advancements, sustainability imperatives, trade dynamics, market regulations, and emerging global markets. These shifts open new avenues for growth.

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