Saudi Minister of Energy: Global Demand for Petrochemicals to Continue to Grow

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
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Saudi Minister of Energy: Global Demand for Petrochemicals to Continue to Grow

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)

Saudi Energy Minister Prince Abdulaziz bin Salman expected global demand for petrochemicals to grow rapidly, bolstering demand for hydrocarbons as raw materials.

Addressing the 17th Annual GPCA Forum, the Saudi Minister stated that those discussing "the energy transition must accept the reality of today and the future.

Prince Abdulaziz explained that the rapid growth of the petrochemical sector will necessarily be reflected in the volume of demand for hydrocarbons as raw materials.

In his speech, Prince Abdulaziz referred to market and analyst reports, which expect the global petrochemical sector to grow by more than 50 percent to about 1.2 trillion tons annually by 2040.

"Petrochemicals are here to stay, and the hydrocarbon sector will continue to generate income and generate money for investors. So I would like to ask our friends talking about transformation to live with the data in their hands and the facts before them today and for decades to come," the minister said.

He pointed out that petrochemicals and their derivatives constitute about 50 percent of the components of our cars, including electric ones.

The Gulf Petrochemicals and Chemicals Association (GPCA) themed "Mobilizing Chemistry for Impactful Transformation" is held in Doha and hosted by QatarEnergy.

The activities of the Forum kicked off on Sunday, and we will discuss the chemical industry's role in sustainability and the transition to clean energy.

Minister of State for Energy Affairs in Qatar and President and CEO of Qatar Energy Company Saad bin Sherida al-Kaabi inaugurated the Forum.



Gulf Markets Decline Amid Escalating Geopolitical Tensions in the Region

Traders monitor screens displaying stock information on the Qatar Stock Exchange in Doha. (Reuters)
Traders monitor screens displaying stock information on the Qatar Stock Exchange in Doha. (Reuters)
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Gulf Markets Decline Amid Escalating Geopolitical Tensions in the Region

Traders monitor screens displaying stock information on the Qatar Stock Exchange in Doha. (Reuters)
Traders monitor screens displaying stock information on the Qatar Stock Exchange in Doha. (Reuters)

Most stock markets in the Gulf region closed lower on Sunday, amid fears that increasing geopolitical tensions could lead to a broader conflict in the region.

Israeli airstrikes shook southern Beirut on Friday night and into the early hours of Sunday, marking the heaviest bombardment of the Lebanese capital since Israel escalated its campaign against Hezbollah last month.

The Saudi index fell by 1.6%, hitting its lowest level since September 11, driven by declines in Al-Tayseer (TALCO) Group shares, which dropped 5.1%, and Al Rajhi Bank, which fell by 4.8%. Meanwhile, Aramco, the heaviest-weighted stock on the index, slipped by 0.18% to reach SAR 27.

The Qatari index also lost 0.5%, as Qatar Fuel Company shares fell by 2.3%. The Kuwaiti stock market index declined by 1%, and Bahrain’s general index fell by 0.13%.

On the other hand, some Arab markets managed to recover from the losses they incurred last week. The Egyptian stock market index rose by 1.24%, while the Casablanca index posted a slight gain of 0.09%, and the Muscat index increased by 0.16%.

Similar events in April led to a wave of selling of stocks and other high-risk assets, but markets rebounded within days as concerns over the escalation of the conflict subsided.