Sep 19 2010 |
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GCC plastic industry to hit up to 11% annual growth
JEDDAH -- The Gulf Cooperation Council, or GCC, accounts for just two per cent of the global plastics conversion market, but annual growth is expected to reach between 9 to 11 per cent, making it one of the fastest growing regions over the medium term.In 2009, the GCC consumed about 2.5 million tpa of polymers, mainly in the packaging (45 per cent) and construction (27 per cent) markets, according to the plastics industry consultants Hipro Consultancy. It said Saudi Arabia represents the most promising base for downstream conversion industries.
With diversification in mind, in July 2010, the Saudi Industrial Investment Group (SIIG) and CP Chem subsidiary Arabian Chevron Phillips (ACP) announced plans to diversify into downstream products, with investments of about SR1.8 billion from each partner. One of the projects will produce nylon-6,6, including adipic acid feedstock. At the same time, Petro Rabigh a JV between Saudi Aramco and Sumitomo Chemical is planning 17 new manufacturing units at Petro Rabigh II, which is scheduled for completion by the end of 2014.
In July, Petro Rabigh signed an agreement with the National Industries Company (Tasnee) and Saudi Advanced Industries Company ( SAIC ) under which they will build a JV 120,000tpa polyether polyols plant using 100,000tpa propylene oxide feedstock from Petro Rabigh .
With domestic demand likely to continue to outstrip supply, China will remain a net polymers importer over the medium term and the largest importer in the world and Kuwait's petrochemicals expansion will be geared towards servicing China's needs. By 2014, China could represent 35 per cent of the global PP market and 20 per cent of global PE demand.
By Habib Shaikh
© Khaleej Times 2010
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