Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Petrochemicals production in Kingdom hit 86.4 m tons in 2012  Join our daily free Newsletter

MENAFN - Arab News - 17/06/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) At 86.4 million tons, Saudi Arabia accounted for more than 60 percent of the region's total petrochemicals capacity in 2012

Petrochemicals production in Saudi Arabia hit 86.4 million tons in 2012, up from 80.5 million tons of capacity in the previous year, according to the Gulf Petrochemicals & Chemicals Association (GPCA) Annual Report 2012.

Now in its sixth edition, the annual report provides a comprehensive overview of the major developments of the GCC petrochemicals industry in each of the Gulf countries.

As per the findings of the annual report, Saudi Arabia dominates the regional market with a 67 percent of the GCC's total petrochemicals capacity.

The notable milestone reached in 2012 was the commencement of full operations of the Saudi Polymers' manufacturing facility in October, located in Jubail. A joint venture between National Petrochemicals Company (Petrochem) and Arabian Chevron Phillips Petrochemical Company, this facility has the production capacity for 3 million tons of ethylene, polyethylene, propylene and hexene.

Saudi Arabia's fertilizer capacity continued to expand when in June 2012, SAFCO awarded a 500 million contract to build a large-scale fertilizer complex. When fully on-stream, this plant will have the capacity to produce 1 million tons of urea every year.

Saudi companies like Saudi Basic Industries Corporation (SABIC) and Saudi Aramco also ventured into overseas projects last year. In January 2012, SABIC signed a cooperation agreement with China's Sinopec that involves the building of a new polycarbonate production facility in Tianjin, China with a capacity of 260,000 tons per annum. SABIC and Sinopec further solidified their business partnership by agreeing to study the development of a methanol complex in Trinidad and Tobago.

Saudi Aramco, meanwhile, signed a memorandum of understanding with PT Peramina to evaluate the possibility of developing an integrated oil refining and petrochemicals project to meet the rising demand in Indonesia and Southeast Asia.

"The entry of SABIC and Saudi Aramco into the Asian markets is a positive development as it means that the GCC petrochemicals sector has truly gone global," said Abdulwahab Al-Sadoun, secretary general of the GPCA.

Production of petrochemicals in the GCC market increased by 5.5 percent in
2012, despite a global slowdown in chemical production due to market weakness, the report said.

The regional petrochemicals production capacity grew to 127.8 million tons in 2012, up from 121.1 million tons in 2011. Conversely, the global growth in petrochemical production stood at 2.6 percent in 2012, compared to 3.8 percent growth rate in 2011.

The latest report describes 2012 as a year in which the industry has flourished, even though chemicals production worldwide had decreased due to the recession in Europe, inventory discrepancies and deterioration in global manufacturing.

"As a host of major projects come online, along with a collection of significant new agreements, the GCC petrochemicals industry is demonstrating their potential as a market leader," said Al-Sadoun. "The GPCA is pleased to announce this market growth and to recognise the contribution of every industry player across the region."

The GCC petrochemicals sector is forecast to reach a production capacity of 183.9 million tons by 2017, a 7 percent annual growth rate over the next four years.

"We are optimistic about the future," Al-Sadoun added. "Industry growth will usher in a transformation for the petrochemicals sector into one that is focused on technology, sustainability and enduring partnerships."

SABIC, for example, is already making great strides toward a bigger and brighter future by developing the world's largest integrated methacrylate (MMA) and polymethylmethacrylate (PMMA) plant in the world. When completed, this plant will produce 250,000 tons per annum of MMA and 40,000 tons per annum of PMMA.

 


Arab News




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help