GECF participates in Al Attiyah Foundation ‘CEO Roundtable Series’
The Gas Exporting Countries Forum was invited to participate in the ‘CEO Roundtable Series’ of the Abdullah Bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development on June 27 in Doha. The event was chaired by HE Dr. Ibrahim Ibrahim, Economic Advisor at the Amiri Diwan and the Vice Chairman of the Al Attiyah Foundation Board of Trustees.
The ‘CEO Roundtable Series’ was initially established as a tool to exchange expertise and knowledge in order to accelerate the transition towards less carbon intensive, sustainable energy systems. During the June edition, the speakers explored the positive developments in the petrochemicals industry, ways to integrate petrochemical production into the refining process, and the sector’s role in switching to the circular economy.
The debates took place hard on the heels of Qatar Petroleum and Chevron Phillips Chemical Company launching a joint venture, which aims at expanding Qatar’s share in the global petrochemical market and consolidating the country’s position among the industry’s leading producers worldwide. The Middle East’s biggest facility for processing ethane into ethylene is set be built to the highest standards by the JV, safeguarding the environment and adding to the reliability and safety of the project.
The GECF’s expertise in this regard was represented by HE Secretary General Dr. Yury Sentyurin, who shared the Forum’s assessment of petrochemicals, gas chemicals and fertilizers as a driving force for an increase in natural gas demand over the coming years.
Other participants in the debate were Chatham House’s Prof. Paul Stevens; Alan Gelder, Wood Mackenzie’s vice-president; Andrew Spiers, senior vice president at Nexant Energy and Chemicals Advisory International; and representatives of Qatar Petroleum, Dolphin Energy, Rosneft, Total, ExxonMobil and Shell.
In his intervention, the Secretary General highlighted that according to the GECF’s Global Gas Outlook, global natural gas demand is projected to almost double, from around 3924 bcm in 2018 to about 6000 bcm in 2050. The gas consumption in petrochemicals and fertilizers feedstocks specifically will demonstrate an increase of 75%, from 190 bcm in 2018 to about 330 bcm in 2050.
The figures showcase that the mentioned sectors are considered to be the biggest drivers in increasing natural gas demand. As a result, the GECF Secretary General clarified, the Forum encourages its Member Countries and industrial entities to pay more attention to these promising sectors.
Dr. Sentyurin also emphasized the decisive role of government policies, investor support, large-scale partnerships, mutual understanding and awareness from environmental circles to guarantee the further positive development of the petrochemical sector and related sectors. In this respect, the Secretary General concluded that the GECF would accelerate its own climate initiative.