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Pumping $ 200 billion into Gulf petrochemicals by 2025

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Pumping $ 200 billion into Gulf petrochemicals by 2025

Post  claud39 on Thu Jan 10, 2019 7:52 am

http://www.uabonline.org/en/news/arabicnews/15901582200160516041610157515851583160816041575158/59311/1


Pumping $ 200 billion into Gulf petrochemicals by 2025




10/01/2019











The GCC countries play a key role in meeting global demands for plastics and petrochemicals, which has not only increased the productivity of the industry, but also boosted its growth. 
GCC petrochemicals companies posted a profit of $ 7.57 billion in 2018 compared with last year's $ 7.45 billion, a growth of 2 percent, according to Ubhar Capital. 
Dr. Abdulwahab Al Saadoun, Secretary-General of the Gulf Petrochemicals and Chemicals Union, said that China accounts for 25% of the total petrochemical exports of the Gulf, and that the industry has achieved revenue growth of 17% in 2017 to reach 84 billion dollars. 
With the industry growing steadily, huge investment plans have already been put in place in the refining sector, with more than $ 200 billion expected to be pumped into the new refineries and petrochemicals in the Gulf by 2025.
He spoke d. Hilal Al-Hinai, General Manager of Support Services at ORPIC, announced the company's new project in the Sultanate of Oman, which will be operational in the first quarter of 2020. The project will put Amman on the international petrochemical export map, producing 1.5 million tons per year of polyethylene, low and high density , In addition to propylene. 
According to a report by the Gulf Petrochemicals and Chemicals Union, the chemical industry in the GCC is expected to grow by 3.4% annually until 2027, driven by investment activity against the backdrop of rising demand for exports. Production capacity in Saudi Arabia is expected to continue to rise, By 2.7% per year to 147.5 million tonnes by 2027, and Saudi Arabia will add one percent of its production capacity in 2019 to 121 million tons.
The UAE chemicals industry is also expected to grow by 4.4% per year through 2027, with ADNOC planning to triple petrochemical production by 2025.

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