India, China fuelling demand for products
Manama, October 2, 2012
The rising middle class in emerging economies such as India and China is fuelling demand for petrochemicals from Bahrain and the GCC region, remarked nogaholding chief executive Shaikh Mohammed bin Khalifa Al Khalifa.
Consumption of plastics - which is an indicator of increased wealth - has continued to rise exponentially in those countries, signalling greater growth of the chemical industry in Bahrain, said Shaikh Mohammed.
"As the number of Chinese and Indians who enter the middle class continues to rise, the amount of plastics consumed grows," he told Gulf Daily News, our sister publication, on the sidelines of the Petchem Arabia 2012 conference at the Gulf Hotel.
"Bahrain is hence hopeful of continued growth, despite the limited available feedstock," said Shaikh Mohammed.
According to him, the kingdom enjoys an advantage in terms of its knowledge base in refinery expertise.
Naphtha, a product of oil refining, is processed into either unsaturated hydrocarbon compounds called olefins or aromatic compounds.
As part of the expansion drive of its petrochemicals sector, Bahrain is focussing more on developing its aromatics products.
"Focussing on the aromatics side opens up a whole avenue of opportunity as everything we use or consume, even the clothes we wear, have some petrochemical constituents," said Shaikh Mohammed.
"Plastics, medicines and automobiles use these compounds because of the abundance of coal and gas from the ground and they are much easier to use than metals. Petrochemicals are finding their way everywhere, as they are cheaper alternatives," he stated.
As the GCC countries are not close to large markets for petrochemical products, development of the downstream industry has taken a backseat, Shaikh Mohammed added.-TradeArabia News Service
More Energy, Oil & Gas Stories
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants
- Iraq oil exports hit record 2.8m bpd
- Korean refiners eye more Iraq crude
- Dana starts Egypt gas plant upgrade
- Opec oil production hits new high in Feb
- Taqa-led group to buy Indian hydropower plants
- Schneider gets energy management certification
- Morocco moves ahead with $1.7bn wind farms