Home / PEOPLE / 10th Anniversary cover story: Catalyst for success: Right people, projects, processes & products: Intro

10th Anniversary cover story: Catalyst for success: Right people, projects, processes & products: Intro

by Arabian Oil & Gas Staff on May 16, 2018

The past ten years had been remarkable for the Middle East downstream industry. 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 downstream industry is defined by the right combination of people, projects, processes and products. The outlook for the GCC refining and petrochemicals industry is strong, but the good times would not last forever and the region’s industry needs to ‘get fit’ and transform itself for the challenges to come.

The industry makes up the second largest manufacturing sector in the region, producing over $108bn worth of products a year. During the last decade, the industry has experienced rapid structural shifts in its business environment. No one could have predicted the changes it is now undergoing, just about three years ago.

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 GCC petrochemical industry needs to get fit and nimble. It needs to invest in the right technology and innovation that delivers demonstrable results. Consolidation needs to be looked at very seriously.

The industry is facing fast-paced disruptions caused by technology and recent economic developments in the US, Europe, China and elsewhere. Times are changing very fast, and the industry has to adapt even faster. 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.

Transformation is the fundamental change that the GCC refining and petrochemicals industry needs to embrace if it aims to come out stronger in these challenging times. 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.

As the only downstream focused magazine in the region, Refining & Petrochemicals Middle East completes its stellar publishing performance of a decade this month. To commemorate its 10th Anniversary, Refining & Petrochemicals Middle East showcases ten ambitious people, ten watershed projects, ten innovative processes and ten novel products as Editor’s Choice in the following pages.


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