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Market share of GCC to grow two-fold by 2012

11
Dec '08
After the production starts in large cracking projects in 2009, it is expected that market share of Gulf Cooperation Council (GCC) countries in global ethylene market will grow by two-fold by 2012, to reach 15 percent of the global consumption.

"The market share of Gulf Cooperation Council member countries in global ethylene industry will increase from 7 percent in 2002 to 15 percent in 2012." Abdullah Bin Hamad Al-Attiyah, Deputy Prime Minister of Qatar's Energy and Industry Ministry (who is also the Chairman of the board of state-run Qatar Petroleum Company) made these remarks at the 3rd Forum of Gulf Petrochemical and Chemical Association (GPCA), held in Dubai last week.

By 2012, total global ethylene capacity is expected to reach 160 million tons, several new cracker projects with million tons capacity in the Middle East will be put into operation next year.

In Saudi Arabia alone, new ethylene capacity will reach 4.9 million tons per year. However, market experts are showing concern about serious oversupply, which will further lower prices of petrochemical products.

Market express of ethylene prices on December 10

As prices for ethylene continued to plummet, anxiety engulfs the market. Market insiders are of the opinion that this slow-down in ethylene prices is the result of plummeting crude oil prices.

Experts show their genuine concern as condition worsens with the prices falling further on December 10. Price graph for most importing regions like Asia, Far East showed stability and the same for the European market and the US moved down as compared to prior week.

Ethylene prices in Asia region:

Ethylene, CFR Northeast Asia, at US $430-$440 per metric ton.
Ethylene, CFR Southeast Asia, at US $430-$440 per metric ton.

Ethylene prices in Far East region:

Ethylene, FOB South Korea, at US $405 per metric ton.
Ethylene, FOB Japan, at US $405 per metric ton.

Ethylene prices in Europe:

Ethylene, FD Northwest Europe, at Euro 444.00-445.00 per metric ton.
Ethylene, CIF Northwest Europe, at US $500.00-$510.00 per metric ton.

Price in the United States:

Ethylene, FAS Houston, at US cent 15.250-15.500 per pound.

Fibre2fashion News Desk - China


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