HE Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada said Monday he expected the production of petrochemicals in the GCC to increase by 50%, with more than 190 million tons produced by 2020.
His Excellency was speaking at the opening session of the annual Gulf Petrochemicals & Chemicals Association (GPCA) forum in Dubai. The growth in petrochemicals production was a result of good planning of GCC countries.
The Petrochemicals sector is now the second biggest industrial sector in the region, with annual production worth $100 billion. Around $380 million were invested in the sector in 2012, a 30% increase compared to the previous year. The global levels of investment in the petrochemicals increases by an average of 10% annually.
HE the Minister then reviewed the achievements of the State of Qatar in the field, which plays a role in achieving Qatar National Vision 2030. His Excellency highlighted the establishment of QAPCO 40 years ago to signal the start of the petrochemical industry for the GCC. His Excellency added that the State of Qatar have placed an ambitious plan to turn the country into a major player in that industry.
HE the Minister noted however, that there were developments that could affect the industry for years to come, particularly the drop in the price of oil. His Excellency noted that the price of oil has reached a four-year low, which set fear in the market of whether the prices of petrochemicals would follow suit. HE the Minister also noted that the production of Shale Gas in the United States could be another factor that affects petrochemicals in the future.