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GCC region reported the second highest sales growth.

GCC petrochemicals revenues hit $89bn

MANAMA, November 25, 2014

Petrochemicals revenues reached an all-time high last year in the Gulf Cooperation Council, hitting the $89.4-billion mark, according to a report.

This was revealed in a new industry report by the Gulf Petrochemicals and Chemicals Association (GPCA), said a report in the Gulf Daily News (GDN), our sister publication.

According to the GCC Petrochemicals and Chemicals Facts and Figures 2013, released yesterday at the ninth Annual GPCA Forum in Dubai, revenues from GCC petrochemicals grew by $6 billion between 2012 and last year, resulting in 7.3 per cent growth.

Chemical sales revenue from the Gulf is the second highest of any petrochemical producing region, after Asia.

“Last year marked a turning point for the worldwide chemicals industry, signalling a return from the global economic downturn,” said GPCA secretary general Dr Abdulwahab Al Sadoun.

“And as the region with the second highest rate of sales growth, the GCC has demonstrated that its petrochemicals industry can compete with sector leaders.”

With analysts forecasting positive growth figures in the near future, regional producers must not be complacent, Dr Al Sadoun added.

“While the emergence of favourably priced feedstock - an advantage that the GCC chemicals producers have enjoyed over 30 years - becomes available in other regions as shale oil and gas becomes commonplace, we as an industry need to focus on innovation,” he said.

“Growth is assured, but we also need to transform our operations in a way that will make us relevant and profitable 10, 20, 30 years from now,” he added. - TradeArabia News Service




Tags: chemical | GPCA | Revenue | surge |

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