GPCA said investment could reach $50-B in petrochems

The Gulf Petrochemicals and Chemicals Association (GPCA) said the region, which would receive an estimated $50 billion investment in the petrochemical industry, can very well sustain its growth. Dr Abdul Wahab Al Sadoun, GPCA Secretary General, said the Gulf region is expected to raise its current capacity of 105.7 million tonnes to 154.3 million tonnes by 2015. While the larges t production increase would be achieved by Saudi Arabia (from 53.2 to 70 million tonnes), the UAE will more than double its petrochemicals production from 3.4 to 7.8 million tonnes in five years. The group also said that by 2015, about one-fifth of the total world''s output of petrochemicals and chemicals would be produced in the Gulf region making it and Asia as centres of the industry.

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