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FINANCIAL NEWS
GCC fertilizer capacity hits 42.7m tons in 2013
11 Sep 2014
(MENAFN) The Gulf’s fertilizer capacity reached 42.7 million tons in 2013, nearly half of which was exported to markets across the world, The Peninsula Qatar said.
The GCC’s fertilizer sector is registering major growth, with production increasing 4 percent compared to last year, while the global fertilizer industry grew by just 1.7 percent in the same period.
Meanwhile, the Gulf Petrochemicals & Chemicals Association (GPCA) said that due to the GCC’s fertilizer industry being export-oriented, the industry is expected to have a key role in strengthening global food security.
“In addition to gaining valuable export revenues for the region’s economies, fertilizer producers will make significant contributions to the global food banks. By 2030, an estimated 2 billion more people will need to be fed, so fertilizers will be crucial in ensuring these people have access to edible, sufficient and nutritious food,” GPCA said.
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