Petrochemical industry to grow 5-6 pct annually

The Malaysian Petrochemicals Association (MPA) anticipates a growth rate of 5.0 to 6.0 percent annually for the petrochemical industry, despite challenges such as the Russia-Ukraine conflict. MPA President Akhbar Md Thayoob highlighted the dual impact of the war, both disrupting trade and spurring production in certain regions to compensate for reduced supply.

Akhbar emphasized the petrochemical sector’s consistent growth, outpacing the overall economy, with some segments expanding more rapidly than others. He mentioned this during a press briefing about two upcoming oil, gas, and petrochemical conferences.

He noted Malaysia’s advantageous position to benefit from the current global crisis and its responsibility to mitigate the impact of the Russia-Ukraine war by strengthening its petroleum, petrochemicals, and palm oil industries. Post-Covid-19, the industry is stabilizing, but future uncertainties remain.

Regarding energy transition, Akhbar mentioned that many in the industry are developing frameworks to achieve net-zero carbon emissions. Immediate actions include designing new assets with net-zero goals in mind. Although still in planning stages, he expects most organizations to soon have a guiding blueprint.

The MPA, Malaysian Oil, Gas and Energy Services, and Informa Markets Malaysia are organizing the Oil and Gas Asia, the Malaysia Oil and Gas Services Exhibition and Conference, and the first Petrochemicals Sustainability Conference 2022, set for September 13-15, 2022. This combined event is anticipated to draw over 500 companies and 20,000 trade visitors, including 1,000 delegates from the conferences.

This information was reported by Bernama.

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