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GCC petrochem output value touches $97.3bn in 2012: GPCA
26
Nov '13
The value of petrochemicals output by the six-member Gulf Cooperation Council (GCC) comprising of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman is estimated at US$ 97.3 billion in 2012, according to the Facts and Figures report for the year released by the Gulf Petrochemicals and Chemicals Association (GPCA).
 
According to the report, as per the American Chemistry Council, the value of petrochemicals output in the GCC is estimated at $US97.3 billion which represents 2.5 percent of the world’s total. In 2011, the value of petrochemicals output by GCC reached US$ 94.1 billion.
 
The report states that between 2005 and 2012, petrochemicals industry output in the GCC nations grew at an average of 19 percent per annum which is higher than global growth.
 
As per the report, the value of GCC chemicals exports in 2012 reached US$ 52.7 billion. The majority of exports are petrochemicals including basic, intermediates, fine chemicals and polymers.
 
In 2012, Saudi Arabia was the largest chemicals exporter in GCC region accounting for 59 percent of the total regional export volume. However, the country’s share has significantly declined over the past decade from 70 percent in 2002 to 58 percent in 2012, the report adds.
 
According to the report, Qatar remained the second largest exporter of chemicals in GCC representing 17 percent of the region’s total chemicals exports.
 
The GPCA’s Facts and Figures report is an annual publication on the GCC’s petrochemical industry. The report provides information on wide- ranging subjects for the region’s chemicals industry, including product capacity, employment and trade.
 

Fibre2fashion News Desk - India


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