Cost of building petrochemical plants in the Arabian Gulf region surging by 14%

Escalating prices charged by contractors is expected to hike construction costs by 14% as per an estimated by Industries Qatar, the largest company listed on the Doha Securities Market. This situation has arisen due to the construction boom in the Arabian Gulf; as the region continues to attract increased investment- mainly because high oil prices make production of petrochemicals in Europe and North America more expensive. Almost 50% of global ethylene capacity growth over the next five years will be in the Gulf, home to about 60% of the world's oil reserves. Investment in petrochemical plants in the region is estimated to reach US$90 bln between 2002 and 2010.
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