Petrochemicals grew by US$6bn from 2012- 2013, growing at the rate of 7.3%
Petrochemicals revenues reached an all-time high in 2013 hitting the US$89.4 billion mark, the latest industry report by the Gulf Petrochemicals & Chemicals Association (GPCA) revealed.
According to the GCC Petrochemicals & Chemicals Facts and Figures 2013, released today at the 9th Annual GPCA Forum, revenues from GCC petrochemicals grew by US$6billion between the 2012 and 2013, resulting in a 7.3% growth. Chemical sales revenue from the Arabian Gulf is the second highest of any petrochemical producing region, after Asia.
“2013 marked a turning point for the worldwide chemicals industry, signalling a return from the global economic downturn” said Abdulwahab Al- Sadoun, Secretary General, GPCA. Saudi Arabia, the region’s largest petrochemical producer, accounted for 74.9% of the region’s chemical revenue, roughly US$66.9billion in sales. Qatar’s chemical industry generated US$11.5 billion in sales.
Al Sadoun also advised that with analysts forecasting positive growth figures in the near future, regional producers must not be complacent.
“While the emergence of favourably priced feedstock– an advantage that the GCC chemicals producers have enjoyed over the 30 years– becomes available in other regions as shale oil and gas becomes commonplace, we as an industry need to focus on innovation,” continued Al- Sadoun. “Growth is assured, but we also need to transform our operations in a way that will make us relevant and profitable 10, twenty, thirty years from now.” The GPCA ‘s Facts and Figures report is an annual publication will be released at the GPCA ‘s Annual Forum on November 23, 2014. Currently in its third edition, the report provides information on wide- ranging subjects for the region’s chemicals industry including product capacity, employment and trade.
“The GPCA has always encouraged informed, thoughtful and open debate on key industry issues. Initiatives like the Fact & Figures report and the Annual Forum are activities that we engage in to demonstrate with audiences across different demographics on what the petrochemical industry has achieved and what it can do in the future,” concluded Al Sadoun.