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.
