Saudi Arabia to invest SR 100 bln to raise petrochem production capacity 60 mln tons to 80 mln tons

26-Oct-13

By 2015, Saudi Arabia plans to invest nearly SR 100 billion aimed to enhance petrochemical industry and raise the production capacity from the current level of 60 million tons to 80 million tons- an increase of 33%, as per Arabnews. The Kingdom’s petrochemical sector has witnessed 8.2% decline since the beginning of the current year in terms of revenues as investors’ fears over low global demand on petrochemical products, as per a report by Zawya. The Kingdom’s share to the GCC and global petrochemical products stands at 62% and 8%, respectively. Petrochemical industry in the Kingdom is said to have enjoyed the biggest growth in the Middle East due to its adoption of global competition strategy and resting on huge oil reserves of 264 billion barrels and 279.2 trillion cubic meters of natural gas, the report said.