(MENAFN) According to the Gulf Petrochemicals & Chemicals Association (GPCA), GCC's petrochemical industry posted USD89.4 billion in revenue in 2013, increasing by USD6 billion compared with 2012's revenue, thus registering is a growth by 7.3 percent, Gulf Business reported.
The association said that the GCC's revenue from chemical sales is the second highest of any petrochemical producing region, after Asia, with Saudi Arabia, which is the region's largest petrochemical producer, accounting for 74.9 per cent of the region's chemical revenue, amounting to USD66.9 billion, while Qatar's chemical industry generated USD11.5 billion in sales.
In terms of countries, Saudi Arabia led the petrochemicals production industry, accounting for 86.4 million tons per annum, followed by Qatar which produced 16.8 million tons and Oman with 9.5 mtpa, which together formed 88 percent of the Gulf industry, while the UAE's total capacity reached 6.1 mtpa, accounting for 5 percent of the region's production.
"While the emergence of favorably priced feedstock, an advantage that the GCC chemicals producers have enjoyed over the 30 years, becomes available in other regions as shale oil and gas becomes commonplace, we as an industry need to focus on innovation," GPCA Secretary General said.
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