The advent of Artificial Intelligence (AI) and Generative AI (GenAI) technologies has revolutionized various sectors, including the Chemicals and Petroleum industries. This session explores the current trends and challenges associated with the integration of AI and GenAI in these industries. Key trends include the utilization of AI for predictive maintenance, optimization of supply chains, and enhancing safety protocols. Additionally, GenAI has shown potential in accelerating research and development through advanced simulation and modeling techniques. However, the implementation of these technologies is not without challenges. Significant barriers include data privacy concerns, the need for substantial initial investment, and the requirement for specialized talent. Furthermore, the industry's traditionally conservative nature and stringent regulatory environment pose additional hurdles. This session provides analysis of these trends and challenges, with both clients and service providers, offering insights into future directions for leveraging AI and GenAI to drive innovation and efficiency in the Chemicals and Petroleum sectors.