GCC petrochemical companies exported a record 67.2 million tonnes of chemicals valued at $62 billion in 2014, according to the latest industry report by the Gulf Petrochemicals and Chemicals Association (GPCA).

According to the GCC Petrochemicals and Chemicals Facts and Figures 2014, export revenues for GCC petrochemicals in 2014 rose from $54.6 billion in 2013, and are more than double that of 10 years ago.

The report is an annual publication, and will be released at the GPCA’s Annual Forum which will be held in Madinat Jumeriah, Dubai, UAE, on November 17.

Currently in its fourth edition, the report provides information on wide-ranging subjects for the region’s chemicals industry including product capacity, employment and trade.

Now in its 10th edition, the annual forum will kick off with a keynote from Eng Suhail Al Mazrouei, Minister of Energy for the UAE.

Abdullatif A Al-Othman, governor and chairman of the board of directors, Saudi Arabian General Investment Authority (SAGIA) will deliver this year’s opening address.

The GCC chemical industry registered a very solid recovery since 2010, with chemical exports by volume 77 per cent higher in 2014 than before the global economic and financial crisis level of 2008, said the statement.

However, though the GCC chemical trade quickly recovered from effects of the global crisis, it has grown modestly since 2012. The slower than usual growth can be attributed to weaker global demand and the decline in commodity prices. The effect has partly been offset by growth in chemical production, which demonstrated a 4 per cent annual growth during the same period, it stated.

Saudi Arabia and Qatar are the largest chemical exporters, together responsible for generating nearly 75 per cent of total GCC chemical exports by volume. In 2014, Saudi Arabia accounted for 53 per cent of the total regional export measured by volume; or 35.9 million tonnes valued at $36.2 billion, it added.

Qatar accounts for 20 per cent of the total GCC chemicals export volume, valued at $10.6 billion. The UAE has doubled its export share since 2010, reaching 10 per cent of the total regional export in 2014. This equals 6.6 million tonnes valued at $6.4 billion, it said.

Kuwait and Oman are each responsible for 7 per cent of total export volume and Bahrain accounts for 3 per cent of the total, added the report.

Dr Abdulwahab Al-Sadoun, secretary general, GPCA, said: “Petrochemical producers in the Arabian Gulf manufacture products for diverse sectors and markets around the world, earning GCC economies valuable returns.”

“Chemical producers from the Gulf region ship their products to approximately 170 countries. Asia, and in particular, China, being the most important export market,” he added. – TradeArabia News Service