Petrochemicals are ‘cornerstone’ of economic growth: Mubadala

The petrochemicals industry is a cornerstone of economic growth and one of the "strongest" components of the industrial sector, Musabbeh Al Kaabi, chief executive of Mubadala's Petroleum and Petrochemicals, Mubadala, said on Wednesday.

“We’re required to keep our sector at the cutting edge of innovation,” he said at the 13th annual GPCA Forum in Dubai, urging industry players to focus more on the sustainability and communication aspects.

Mubadala has developed a diverse mix of a portfolio comprising refining and petrochemicals assets including CEPSA, OMV, Cosmo Oil, PARCO, NOVA Chemicals and Borealis,  he stated.

Earlier this month, Mubadala Investment Company and state-run Abu Dhabi National Oil Company (ADNOC) signed a framework agreement to jointly explore potential global growth opportunities in the refining and petrochemicals sector.