GCC exports over 80pc of petchem production
Kuwait, May 19, 2013
The Gulf countries export more than 80 per cent of their petrochemical production including ethylene glycol, styrene monomer and paraxylene to overseas markets, said a senior industry expert.
“These exports have included over 30 million metric tons (MT) of petrochemicals during 2012, while they were only 10 million MT in 1999 which is an increase of over 250 per cent in just 13 years with an average annual growth of exports by 5 per cent,” stated Mohammad Husain, the president & CEO of Kuwait-based Equate Petrochemical Company.
He was speaking on the sidelines of the Fifth Gulf Petrochemicals & Chemicals Association (GPCA) Supply Chain Conference held recently in Dubai. More than 350 delegates representing petrochemical and shipping companies from around the world took part.
Husain is a member of GPCA Board and heads its supply chain committee.
Equate, an international joint venture between Petrochemical Industries Company, Dow Chemicals, Boubyan Petrochemical Company and Qurain Petrochemical Industries Company (QPIC), is one of GPCA’s main founders.
Husain pointed out that the GCC exports faced a number of challenges including port congestions, inadequate infrastructure and instability of market conditions. "But despite all these, the Gulf’s international exports continue to rise," he noted.
"Equate’s total exports, from plants owned and operated by it, exceed 3 million tons of products, including solid material such as polyethylene and polypropylene, as well as the main liquids that include ethylene glycol, styrene monomer and paraxylene," he added.-TradeArabia News Service