Petrochemicals production capacity in the six member Gulf Cooperation Council (GCC), grew 13.5% year on year in 2011 to 116 bln tpa, as pe rGulf Petrochemicals and Chemicals Association reported by MENAFN. Saudi Arabia, Oman, UAE, Kuwait, Qatar and Bahrain constitute the GCC.
Saudi Arabia alone accounted for more than half of the region's total of US$100 bln in sales in 2011, with SABIC posting total revenues in 2011 of US$50.64 bln and a net profit of US$7.8 bln. GPCA did not elaborate on the region's petrochemical projects that came onstream in 2011. "We are optimistic about 2012, despite the gloomy economic forecast in European and overseas markets, due to the [GCC petrochemical producers'] continued focus on technology, innovation and long-term partnerships," GPCA secretary general Abdulwahab Al Sadoun said in the statement.
One of the most significant projects announced last year was Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Company signed in October 2011, which will develop 26 manufacturing units specializing in polyurethanes and other high-performance polymers. Meanwhile in Abu Dhabi, Borouge, a joint venture between Abu Dhabi National Oil Company and Borealis, awarded a number of large contracts in 2011 to expand its Borouge 3 petrochemicals complex, including a US$111 mln building infrastructure contract to Alpine Deutschland AG, and a US$169 mln deal to Hyundai to build a cross-linked polyethylene (XLPE) unit. When fully operational in mid-2014, the Ruwais-located Borouge 3 site will more than double the joint venture's existing output, increasing Borouge's total capacity to 4.5 mln tons and create the largest integrated single-site polyolefins complex in the world. Dr. Al-Sadoun said: "The entry of industry leaders such as Kuwait Petroleum Corporation and SABIC into China through the signing of large-scale petrochemicals joint ventures is another positive trend for the GCC sector." |
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