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Books > Business & Economics > Industry & industrial studies > Energy industries & utilities > Petroleum & oil industries
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Molecules, Mind and Matter - How the Arabian Gulf Became a Petrochemical Hub (Hardcover)
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Molecules, Mind and Matter - How the Arabian Gulf Became a Petrochemical Hub (Hardcover)
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The story of the petrochemical industry in the Arabian Gulf region
is one of heroic endeavor. It exemplifies a much broader narrative
of change as, within a few decades, we see groups of ancient tribes
and families transformed into modern states playing important
global roles. On visiting Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia, or the United Arab Emirates (UAE), it is hard to believe
that a mere half-century ago they were undeveloped backwaters.The
cities of those countries are today centers of international
commerce and industry, crisscrossed by expressways; their skylines
include the most modern architecture; they offer all the
conveniences of contemporary life, including well-equipped and
professionally staffed hospitals, airports, schools, banks, and
telecommunication systems. Yet a few decades ago, many were small,
obscure trading towns and fishing villages, isolated from each
other and from the world beyond.The lifestyles and standards of
living that citizens of the Gulf Cooperation Council (GCC)
countries take for granted could hardly have been imagined by their
grandparents.Paucity has given way to prosperity, once-rampant
illiteracy has virtually disappeared, and what had been mainly a
rural population is now largely urban. Moreover, the population of
the GCC countries has skyrocketed, augmented by the influx of
foreigners seeking employment in the industrial and service
sectors. The dramatic transformation of the GCC countries is rooted
in the fabulous hydrocarbon riches that lie beneath their ground.
However, it would be a mistake to think that success of these
states is solely the result of rich reserves of oil and gas. Other
countries have oil riches and yet have failed to develop at the
scale of those of the GCC or to improve the lives of their citizens
in similar fashion.As we look at the petrochemical industry in the
GCC region, we can see several key factors that underlie its
success. First among these is the far-sightedness of GCC leaders,
who neither played it safe by investing government oil revenues
overseas, as some consultants had advised, nor squandered this
revenue through profligate spending.Instead, at a critical point,
they courageously invested billions of dollars to create modern
infrastructure, to finance the launch of petrochemical ventures,
and to send thousands of their citizens for overseas education. The
latter investment was especially important as it created a
technocrat class that could lead and develop industrial ventures.
In subsequent years, investments in infrastructure, new
enterprises, and overseas scholarships have continued, coupled with
the development of world-class institutions of higher learning in
the GCC countries. Another factor has been the readiness of GCC
nationals employed in petrochemical enterprises to view their
employment as something of a patriotic mission. Especially in the
early years of the industry, this sense of mission encouraged many
to forgo high salaries and perks and to work tirelessly to create
world-class domestic chemical companies. Also important has been
the willingness of international oil companies operating in the
Arabian Gulf region-Exxon, Mobil, Total, Shell, and others-to
participate in petrochemical joint ventures with GCC
governments.This brought much-needed technology and marketing
know-how to GCC petrochemical enterprises and set the stage for
other Western partners to join.
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