The petrochemical industry in the Gulf Arab countries grew by nearly 13.7 per cent in 2011 and is poised for further expansion in 2012 despite the slowdown in global economies, mainly in the region’s main European markets.
From around 102 million tonnes in 2010, petrochemical production in the six-nation Gulf Cooperation Council (GCC) increased to nearly 116 million tonnes in 2011, the Dubai-based Gulf Petrochemicals and Chemicals Association (GPCA) said in a statement ahead of its 2011 annual report.
“The increase was a result of the construction of new plants and expansion of existing production units,” the report said.
“We are optimistic about the industry prospects in 2012 despite the non-promising global economic prospects, mainly in Europe.”
The report showed GCC petrochemicals sales stood at nearly $100 billion, of which Saudi Arabia contolled more than 50 per cent at $50.6 billion.