Home / Knowledge / News / Textiles / Testing times ahead for GCC petrochemical producers
Testing times ahead for GCC petrochemical producers
03
Dec '12
Dr. Rashid Ahmed Bin Fahad
Dr. Rashid Ahmed Bin Fahad
The increasing gap between the demand and supply of gas, due to rising demand and limited supply, is posing serious challenges before the GCC petrochemical industry, as the gap is likely to further widen in the coming years.
 
While gas consumption in Iran, Middle East and the UAE exceeds production, Saudi Arabia satisfies its own demand by producing 99.23 billion cubic metres of gas annually. However, the demand-supply gap presently gets balanced to some extent as Egypt, Algeria, Oman and Qatar stand out to be net exporters of gas.
 
Meanwhile, the distressing fiscal crisis impeding recovery of the EU and the US economies is adding to the adversities.
 
Speaking at the 7th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum, UAE Minister of Environment and Water, Dr. Rashid Ahmed Bin Fahad said financial crisis in the US coupled with political impasse over looming fiscal crisis, and financial slump and debt crises in the EU are retarding global recovery. Besides, the swiftly rising eastern economies are also losing pace. 
 
These situations have raised concerns about worsening of the financial crisis, and are feared to hit the regional as well as global petrochemical producers, and even negatively impact their earnings.
 
Dr. Fahad noted that though GCC region enjoys a more stable economy, global financial slump is a matter of major concern, as it has raised doubts over future development and its effect on the region’s strategic hydrocarbon industries. This is more so as interconnected factors like the population growth, economy and government policies have been responsible for the growth in oil and petrochemical demand, since historic times.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search