Qatar Petroleum (QP) and Royal Dutch Shell signed a preliminary agreement to construct a US$6 billion petrochemical plant in Ras Laffan Industrial City in Qatar.

Production levels at the Gulf Petrochemical Industries Company (GPIC) hit record highs in 2010.

China and India's growing demand for petrochemicals will continue to benefit the Middle East and North African (MENA) region, say analysts.

Iran's Mehr Petrochemical may start producing grades other than film-grade high density polyethylene at its plant due to a shortage of butane-1 feedstock, according to reports.

Saudi Basic Industries Corp (Sabic), the world's largest chemical firm by market value, beat estimates with a 46 per cent rise in third-quarter profit, buoyed by higher plastic and petrochemical sales.