GCC recorded 13.5 per cent rise in petroleum production capacity in 2011

OilThe Gulf Petrochemicals and Chemicals Association's (GPCA) recently released annual report has shown that the GCC’s petrochemical production capacity grew by 13.5 per cent in 2011

The annual report, which covered the GCC-wide industry in 2011, revealed that capacity within the sector grew from 102 million tonnes in 2010 to nearly 116 million tonnes the following year thanks in part to the development of manufacturing facilities across the region.

According to the report, Saudi Arabia accounted for more than half of the US$100 billion in sales generated by the petrochemicals sector in the GCC, while 2011 was labelled as a year of consolidation for the industry.

“Continued investment and a cluster of significant new agreements demonstrate the leading role the GCC petrochemicals sector is now playing worldwide,” said Dr Abdulwahab al Sadoun, secretary general of the GPCA.

“The GPCA is pleased to announce this market growth and to recognise the contribution of every industry player across the region.

“We are optimistic about 2012, despite the gloomy economic forecast in European and overseas markets, due to the continued focus on technology, innovation and long-term partnerships,” he added.

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