(MENAFN) Saudi stays the region's leading petrochemical producer country with an annual 86.4 million tons of capacity, Arab News reported.
But the recent discovery of North American shale gas and oil is likely to have an effect on the Saudi petrochemical sector in its trajectory toward remaining upstream or moving downstream.
The expansion in ethylene production capacity has resulted in Saudi Arabia being the third largest producer worldwide, accounting for 11 percent of global ethylene capacity.
Ethylene is a key building block in the petrochemical industry. In recent years, the world has witnessed its largest ethylene capacity expansion, growing at a compound annual growth rate (CAGR) of 4 percent between 2007 and 2012, to reach 155.9 million tons in 2012.
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