GCC petrochemicals output rose by 19% in 2012

The Gulf’s petrochemicals output reached US$97.3billion in 2012, a US$3.2 billion increase on the previous year, according to the latest industry report by the Gulf Petrochemicals & Chemicals Association (GPCA), the region’s longest standing trade association.

According to the GCC Petrochemicals & Chemicals Facts and Figures 2012, released during the 8th Annual GPCA Forum, GCC petrochemicals output has increased by 19% a year over the last five years. This is the highest growth posted by any petrochemicals-producing region in the world, concludes the report.

Last year, the Gulf’s petrochemicals industry earned US$52.7 billion in export revenues.

“Over the last three decades, the GCC petrochemicals sector has evolved from a chemical importing industry to one that exports the vast majority of its high-value goods to global markets. This has transformed the region’s economy and created jobs for thousands of people,” said Dr. Abdulwahab Al Sadoun, Secretary General of the GPCA.

The GPCA’s Facts and Figures report is an annual publication on the GCC’s petrochemical industry. Now in its second edition, the report provides information on wide- ranging subjects for the region’s chemicals industry including product capacity, employment and trade.

“The GPCA encourages wider debate on key industry issues. Initiatives such as the Fact & Figures report, as well as the Annual Forum, are both exercises in spreading awareness of the issues surrounding the petrochemical industry,” added Dr. Al Sadoun.

Held on the theme of “Innovation: The Foundation for Chemical Value Chain Leadership”, the 8th Annual GPCA Forum includes a diverse range of spokespeople and this year has welcomed more than 1,700 delegates from 50 countries. The forum’s plenary address was delivered by His Royal Highness Prince Abdulaziz bin Salman Bin Abdulaziz, Saudi Arabia’s Deputy Minister of Petroleum and Mineral Resources, while Stephen Pryor, President, ExxonMobil Chemical Co., also addressed delegates on the opening day.