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GCC plans huge investments in petrochemicals
22 Jan '08
2 min read
The 11th industrialist's conference organized by the Gulf Cooperation Council opened in Abu Dhabi. The Secretary General of Gulf Organization for Industrial Consulting (GOIC), Dr Ahmed Khalil Al Mutawa and other speakers stressed on the importance of the petrochemical sector in the growth of the region.
The Secretary General who spoke on the occasion of the inaugural session emphasized on the impact of high oil prices on the petrochemical industry. He said that industry experts needed to review whether the current competitive prices would sustain in the years to come.
Dr Mohammed Khalfan Bin Khirbash, the UAE Minister of State for Finance and Industry, noted that investments in the petrochemicals industry in the GCC were to the tune of US $70 billion. The employees working for the industry had also reached a record figure of 40000.
GOIC estimates that investments in the industry in the GCC will reach $120 billion in the coming five years as compared to $70 billion in 2007, with Saudi Arabia accounting for 63 percent of the investments, followed by Qatar at 14 percent.
Dr Ahmed further said, “The GCC countries had plentiful of petrochemical resources and also had the advantage of being strategically located close to the markets of India, China as well as Japan along with very good infrastructure facilities.”
Experts also said that though on one hand the industry is forced to comply with high production and maintenance costs, it has also reap record profits from surging oil and gas prices.
Thus, overall future looks bright for petrochemical industry in GCC.
The Secretary General who spoke on the occasion of the inaugural session emphasized on the impact of high oil prices on the petrochemical industry. He said that industry experts needed to review whether the current competitive prices would sustain in the years to come.
Dr Mohammed Khalfan Bin Khirbash, the UAE Minister of State for Finance and Industry, noted that investments in the petrochemicals industry in the GCC were to the tune of US $70 billion. The employees working for the industry had also reached a record figure of 40000.
GOIC estimates that investments in the industry in the GCC will reach $120 billion in the coming five years as compared to $70 billion in 2007, with Saudi Arabia accounting for 63 percent of the investments, followed by Qatar at 14 percent.
Dr Ahmed further said, “The GCC countries had plentiful of petrochemical resources and also had the advantage of being strategically located close to the markets of India, China as well as Japan along with very good infrastructure facilities.”
Experts also said that though on one hand the industry is forced to comply with high production and maintenance costs, it has also reap record profits from surging oil and gas prices.
Thus, overall future looks bright for petrochemical industry in GCC.
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