Continued recovery for petrochemical companies in the Gulf in 2010

25-Mar-10

Economic indicators point to continued recovery for chemical companies in 2010, including a positive development for producers in the Middle East, global chemical industry output is forecast to increase 4.6%, offsetting a 4.6% contraction in 2009 as per Mr Mohammed Al Mady, CEO and Vice Chairman of SABIC, at AGM of GPCA. He expressed confidence that the recent crisis was over for the industry, citing data from the American Chemistry Council (ACC) which pointed to chemical industry production growth averaging 3.7% across the Middle East, including 6.3% in Saudi Arabia, 3.4% in UAE, 3.2% in Kuwait and 7.4% in Qatar.