عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Officials Call for Exploiting Petrochemical Sector to Achieve Circular Energy Goals

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
TT
20
TT

Officials Call for Exploiting Petrochemical Sector to Achieve Circular Energy Goals

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman described the Arab Gulf countries as a land of opportunities and ambitions, stressing the role of young local talents in building a sustainable future.

The minister was speaking during the inauguration of the 16th session of the annual forum of the Gulf Petrochemicals and Chemicals Association (GPCA), which is currently held in Riyadh, in the presence of Eng. Saad Al-Kaabi, Minister of State for Qatari Energy Affairs, and Badr Al-Mulla, Kuwaiti Minister of Oil.

The conference participants emphasized that the region was in a good position to take advantage of the available opportunities, advanced infrastructure and technological expertise in order to lead the way towards a more sustainable future.

The forum aims to discuss the strategic issues impacting the chemical sector, under the theme “Chemistry in Action, Shaping a Sustainable Future.”

The dialogues at the event will address a range of topics, including net-zero emissions, food security, and capability building, as well as reaching a sustainable future through collaboration.

GPCA Secretary General Dr. Abdulwahab Al-Sadoun said this year’s forum was being held amid extraordinary circumstances in the world.

“The chemical industry has set itself an ambitious goal of reaching net zero by 2050, while continuing to supply the world’s growing needs. This will not be an easy task, but the chemical industry in the Arabian Gulf is well positioned to benefit from the transition to clean energy and to grow its investments in the circular economy and develop hydrogen utilization technologies,” he told the meeting.

For his part, Eng. Abdul Rahman Al-Faqih, Chairman of the Board of Directors of GPCA and Acting CEO of SABIC, said that the chemical industry has been able to successfully overcome all the challenges.

He stressed the importance of concerted efforts in order to transform these challenges into opportunities to enable GCC countries to build a sustainable future.

Amin Nasser, President and CEO of Saudi Aramco, said: “The chemical industry needs to promote and accelerate innovation efforts to develop more effective and sustainable materials at lower costs. Establishing centers for advanced materials here in Saudi Arabia can improve and complement existing programs, and push the boundaries of innovation to new heights through global collaboration.”

Most Viewed

 
Business

Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
TT
20
TT

Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP

Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada's economy since the end of the Second World War to enable it to "stand up" to Donald Trump.

Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president's threats to Canada's economy and sovereignty.

Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.

At his first press conference since his victory, Carney struck a determined note.

Known for weighing his words carefully, he said that he was "in politics to do great things, not to be something."

"And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust," he said.

Canada's strained relations with the United States -- historically, its close ally and biggest trading partner -- was among his "immediate priorities," he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.

Canadians elected him "to stand up to President Trump," he said, adding that he will act "with focus and determination."

"Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations," said Carney.

But he warned also not to expect any "white smoke" from their first meeting signaling a sudden breakthrough.

Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors "based on steadily increasing integration is over."

"The questions now are how our nations will cooperate in the future," he said.

Trump "respects strength," he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.

The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.

Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington's measures were in place.

"This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy," Carney said.

To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with "reliable allies."

"Canada has what the world needs, and we uphold the values the world respects," he said.