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

Fashion | On 28th Jul 2016

Gildan acquires Peds for $55 million

Montreal-based family apparel marketer Gildan Activewear Inc....

Information Technology | On 28th Jul 2016

E-com can generate 12 mn jobs in India

E-commerce has the potential to add 12 million of the 80 million new...

Textiles | On 28th Jul 2016

Odisha wants SPV rule for textile parks relaxed

The one third textile entrepreneur stipulation in forming SPVs or...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Tony Ward
Tony Ward

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
June 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search