GCC petrochemical output grew 5.5% regardless of global slowdown

DUBAI (Scrap Monster) : The yearly report published by the Gulf Petrochemicals and Chemicals Association (GPCA) states that the petrochem output by GCC countries recorded a growth in 2012 despite global slowdown.

According to the GPCA Annual report, the petrochemicals production by GCC countries during 2012 was up by 5.5%. The petrochemicals production capacity of the region reached 127.8 million tons in 2012. This is in comparison with the production capacity of 121.1 million tons in 2011. The Kingdom of Saudi Arabia accounts for 86.4 million tons (nearly 68% of the region’s production capacity in 2012) capacity. The country added nearly 6 million tons new capacities during the course of the year.

The UAE’s annual petrochemical production during 2012 was 6.1 million tons which accounts for a meager 4.8% of the region’s production capacity. With several strategic contracts being signed and a good number of projects underway, the UAE is set to increase its share in the region in the years to come. A handful of key projects are gearing up for commissioning in the capital city of Abudhabi, which will contribute significantly to the country’s petrochemicals production capacity.

The global petrochemicals production growth slipped during 2012. The petrochemicals production grew by 2.6% globally during 2012, which is much lower when compared to the 3.8% growth rate achieved in 2011.

Gulf Petrochemicals and Chemicals Association (GPCA) has emerged as the first trade association and a recognized voice for petrochemicals industry in the Gulf region. Launched in 2006 by eight visionary founding members including SABIC and TASNEE from Saudi Arabia, QAPCO and QVC from Qatar, PIC and Equate from Kuwait, Borouge from Abu Dhabi, and GPIC from Bahrain, its mission is centered on promoting the common interests of the petrochemical industry in the Gulf region, while fostering industry best practices.