MOSCOW (MRC) -- A high-ranking nine-member German trade delegation from the petrochemical sector visited the Kingdom of Saubdi Arabia to boost ties with their Saudi counterparts, reported GV.
"The reason for the visit is the fact that there’s a great potential in the Saudi petrochemical sector for German companies, especially for engineering and plant construction," said Andreas Hergenroether, delegate of German Industry for Saudi Arabia, Bahrain and Yemen.
In Riyadh, the delegation met with Abdullah Saleh Al-Hagbani, chairman of the International Cooperation Committee (ICC), secretary general of the Petrochemical Manufacturers Committee (PMC) and vice chairman of the Saudi Exports Development Center (SEDC) at the Council of Saudi Chambers.
Part of the program was also a visit to the exhibition Saudi Print, Plastics, Petrochem & Packaging (PPPP), the most prominent event of its kind in the region.
In Jubail, the delegation held a roundtable discussion with representatives of the Royal Commission of Yanbu & Jubail.
Hergenroether said that the petrochemical industry in the Kingdom has the highest growth in the Middle East due to its adoption of global competition strategy and resting on huge oil reserves of 264 billion barrels and 279.2 trillion cubic meters of natural gas.
The production of ethylene and polyethylene is forecast to reach 80 million tons in 2015 compared to the current level of 60 million tons.
The Kingdom plans to invest nearly SR236 billion in new projects to stimulate the petrochemical industry, a step seen to keep the Kingdom’s petrochemical players globally.
As MRC informed earlier, Octal Petrochemicals is setting up a project in Saudi Arabia to manufacture polyethylene terephthalate (PET) dairy cups and trays for dairy and poultry industries. Octal Petrochemicals will be investing USD20 million for the downstream project, which will generate USD70 million revenue per annum, once it goes on stream.
MRC