By IANS,
Dubai : The petrochemical industry in the Gulf Cooperation Council (GCC) region is poised for massive expansion aided by large investment and improved availability of feedstock, WAM reported Thursday.
“The total global ethylene (a petroleum derivative) capacity is projected to be 160 million tonnes by 2012 with the GCC’s share in the market expected to grow to 15 percent in 2012 from seven percent in 2002,” Qatar’s energy minister Abdulla Bin Hamad Al-Attiyah said.
The minister was delivering his keynote address to the annual meet of the Gulf Petrochemicals and Chemicals Association (GPCA) which opened here Wednesday.
Al-Attiyah expressed his confidence in the capabilities of industry captains to help the region in overcoming the challenges facing the petrochemical industry.
“This conference is taking place at a time when the world is witnessing dramatic changes in the oil market. The oil price reached to its highest in July -August 2008 and now it is selling at below $50 per barrel,” the minister said.
The forum provides industry experts an opportunity to share key industry insights, experiences, and discuss the global economic outlook at a critical point in the chemical industry cycle.