Saudi Arabia seeks 10% global petchem share

The Kingdom of Saudi Arabia is aiming for a 10% global share in petrochemicals. The National Commercial Bank (NCB) said the Kingdom intends to maintain its progress in both the oil and non-oil sectors. The country's petrochemical industry has become a strategic sector with large exports and is emerging as the second largest after oil. The GCC petrochemical capacity is estimated to increase from 77.3 million tonnes per annum (MTPA) to 113 MTPA at the end of 2015, the Gulf Petrochemical & Chemicals Association (GPCA) said, with both long and short term opportunities. The GCC petrochemicals production capacity grew 13.5% last year to nearly 116 billion tonnes, with Saudi Arabia alone generating more than half of the $100 billion in sales registered by the GCC petrochemical sector, the report said. Saudi Arabia tops the list with $12 billion of projects under execution and another $41 billion in future projects. Furthermore, petrochemical projects worth $19 billion are under execution in the GCC providing opportunities in both the long and short terms.JORDAN