Gulf petchem sector 'sees solid growth'
Abu Dhabi, October 9, 2011
The petrochemical sector in the Middle East region has witnessed a significant growth mainly due to the region’s infrastructure and feedstock advantage, according to an industry expert.
Two of the key factors ensuring the consistent growth of the petrochemical industry are population growth and lifestyle, said Saleh Al Nazha, president and chief operating officer of Saudi-based Tasnee, ahead of a major petrochemical seminar in Abu Dhabi.
Tasnee is a major player in downstream products including consumer goods like car batteries and plastic films, sheets and some forms of polycarbonates for household use.
Al Nazha is a key speaker at the "Middle East Chemical Week 2011" which will run from October 16 to 19 at the Abu Dhabi National Exhibition Centre (Adnec).
At the seminar, he will explain the attractiveness of the Middle East region for investment in the petrochemical and downstream industries.
"The strategic location of the Middle East region, its infrastructure, product availability, financial resources, soft loans and proximity to consumer markets provides a unique opportunity for Saudi and the region to develop its petrochemical and downstream sectors," noted Al Nazha.
Citing a recent report by the National Commercial Bank, he said Saudi was fast becoming a leader in the petrochemical industry accounting for 50 per cent of the GCC’s 105.7 million tonnes of total petrochemical capacity in 2009.
"The report also stated that due to the recovery of oil prices and based on the monthly averages of the first half, the value of petrochemical exports is forecasted to reach $26.52 billion by the end of 2011," he added.
Al Nazha will deliver a keynote presentation on October, during the Petchem Arabia Conference titled ‘Workforce of the Future – Where is it coming from?’
Furthermore, he will participate in two high level panel discussions on ‘Maintaining the Attractiveness of the Middle East for Investment’ and ‘What are the Requirements for Investment and Collaboration in the GCC?’-TradeArabia News Service