Dubai; Petrochemical revenues among the six Gulf Cooperation Council countries reached $89.4 billion (Dh328.4 billion) in 2013, a 7.3 per cent increase on the previous year.
The data was released on Monday in an industry report, GCC Petrochemicals & Chemicals Facts and Figures 2013, issued by the Gulf Petrochemicals & Chemicals Assocation (GPCA).
“2013 marked a turning point for the worldwide chemicals industry, signalling a return from the global economic downturn” said Abdul Wahab Al Sadoun, GPCA Secretary-General, in a statement.
“Chemical sales revenues from the Arabian Gulf is the second highest of any petrochemical producing region after Asia,” according to the GPCA.
Saudi Arabia is the regions largest petrochemical producer and accounted for around $66.9 billion in sales — or 74.9 per cent of the regions sales, the GPCA said.
Qatar’s chemical industry generated $11.5 billion in sales.
“While the emergence of favourably priced feedstock — an advantage that the GCC chemicals producers have enjoyed over the 30 years — becomes available in other regions as shale oil and gas becomes commonplace, we as an industry need to focus on innovation,” said Al Sadoun.
