(MENAFN) A report released by the Gulf Petrochemical & Chemicals Association (GPCA) estimated GCC petrochemical capacity to reach to 113 MTPA per annum in 2015, 46 percent up from 77.3 million tons per annum (MTPA) currently, Saudi Gazette reported.
According to the report, the oil-rich region's petrochemicals output capacity increased by 13.5 percent last year to nearly 116 billion tons, led by Saudi Arabia which accounted for more than half of the USD100 billion GCC sales.
Another report released by the Kuwait Financial Centre (Markaz) said that Saudi Arabia is the largest petrochemical producer in the region, with USD12 billion of projects under execution and another USD41 billion in future projects.
Furthermore, petrochemical projects worth USD19 billion are under execution in the GCC providing opportunities in both the long and short terms.
According to the CMAI (Chemical Market Associates, Inc.) and BMI, the Middle East ethylene production is forecast to rise from 21 million tpa to more than 30 million tpa by 2014.
Saudi petrochemical producers, with their proximity to the high consuming Asian market, is likely to benefit the most and grow, as they continue to boost production capacity and feedstock cost advantage that they have over the players in advanced and developing markets, according to BMI.