MOSCOW (
MRC) -- The Gulf’s petrochemicals output reached USD97.3 bln in 2012, a USD3.2 bln increase on the previous year, reported
Plastemart with reference to the latest industry report by the Gulf Petrochemicals & Chemicals Association (GPCA), the region’s longest standing trade association.
GCC petrochemicals output has increased by 19% over the last five years. This is the highest growth posted by any petrochemicals producing region in the world.
Last year, the Gulf’s petrochemicals industry earned USUSD52.7 bln in export revenues.
The Gulf Cooperation Council (GCC) was
formed in 1981 to create economic, scientific and business cooperation among its oil-exporting members. These Middle East countries share the common faith of Islam, an Arabian culture, and an economic interest separate from OPEC. On a per capita basis, they are among the richest countries in the world. The Gulf Cooperatoin Council headquarters is in Riyadh, the capital of Saudi Arabia, its largest member with a capacity of 86.4 million tons. The Kingdom
contributes more than half of the GCC’s total petrochemical production. Together, they supply one third of US oil and own up to USD225 billion of US debt. These countries are seeking to diversify their rapidly growing economies away from oil.
MRC