Tuesday 19 March 2024
 
»
 
»
100m TONNE CAPACITY TARGET

Saudi Arabia’s petrochemical sector... big opportunities.

Saudi plans $91bn spend to spur petchem sector

RIYADH, December 22, 2014

Saudi Arabia has earmarked $91 billion to be spent over the next 10 years to build new petrochemicals plants and expand existing ones as well as integrate refineries with petrochemical units, according to industry experts.

In order to sustain this expansion, Saudi Arabia has created lucrative business opportunities in its plastic and petrochemical industries, added organisers of the upcoming Saudi Plastics and Petrochem, the 12th international plastics and petrochemicals trade fair in Jeddah.

Saudi Arabia has experienced a robust growth in its economy in recent years with a growth of around 4 per cent anticipated for the financial year 2014-2015. The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy.

However, the kingdom is determined to maintain its leading position as one of the largest producers of petrochemicals and is aiming to achieve a production capacity of over 100 million tonnes per annum by 2015.

It is the only GCC state to allow private investment in the petrochemical sector with several incentives such as affordable energy, low cost raw materials, and advanced industrial infrastructure, especially in Yanbu. This has led to growth in Saudi plastics and petrochemicals from less than $0.5 billion in 1985 to $22 billion in 2011.

Organised by the Riyadh Exhibition Company, Saudi Plastics and Petrochem will highlight cutting edge technologies and products in petrochemicals and plastics sectors. Organizers confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the Diamond sponsor along with Rabigh Refining & Petrochemical (Petro Rabigh) as the Gold Sponsor.

The exhibitors will get an opportunity to showcase their solutions and services to a broad audience comprising diplomats and high-ranking government officials, industrialist and manufacturers, distributors, suppliers and retailers, industrial engineers, and purchasing and operations managers, to name a few.

Accredited by UFI, the global association of the exhibitions industry, Saudi Plastics and Petrochem will be held from March 1 to 3, 2015 at the Jeddah Center for Forums and Events.

Saudi Plastics and Petrochem 2015 will be held concurrently with Saudi Print and Pack 2015 – the 12th International Trade Exhibition for Printing and Packaging Technologies. – TradeArabia News Service




Tags: Jeddah | packaging | Saudi Plastics and Petrochem |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events

Ads