Video: GE in the Middle East petrochemical industry
As the petrochemicals industry grows and evolves both globally and regionally, GE’s expansion and growth in this sector is highlighted with its participation in Middle East Chemical Week (October 16-19, 2011).
The above video soundbite of Ed Boufarah, General Manager at GE Petrochemicals Solutions, talks about the vision for GE in the petrochemicals industry and how it is supporting it.
“The petrochemicals industry, although challenged by the slowdown in the global GDP, is forecast to have healthy growth overall,” said Ed Boufarah, General Manager at GE Petrochemicals Solutions.
Boufarah says that GDP growth is forecasted globally somewhere between 3-4 per cent and typically the petrochemical industry grows at 1.5 times the GDP growth rate. The petrochemical industry is therefore expected to see growth somewhere between 6-7%, globally.
“The Middle East market in particular continues to be in a good position to take advantage of the growth, given the geographical proximity to the markets which are experiencing significant growth such as China, Asia and India. This, coupled the feedstock cost advantage will continue to position the Middle East market as a good platform for the petrochemical industry.”
Watch this video to understand how GE has evolved in the petrochemical industry and what its growth strategy is for the region.