GCC petrochemical industry's revenue hit USD88b in 2014

(MENAFN) Industry data showed that the petrochemicals industry has contributed to 31 percent of the GCC's total manufacturing GDP, with revenues of over USD88 billion in 2014.

GCC petrochemical production increased 8.3 percent in 2014, making the GCC the second-highest growth region in the world, the Gulf Petrochemicals and Chemicals Association (GPCA) reports showed.

However, the slumping oil prices and the economic slowdown in China have had a direct negative impact on petrochemicals prices, with revenues declining from USD89.4 billion in 2013.

"The health of the global economy since the decline in oil prices" contributed to weak petrochemicals prices and created a difficult outlook for the global petrochemicals sector," Secretary General of GPCA said.