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FINANCIAL NEWS
GCC fertilizer is expected to rise in the following years
30 Aug 2013
(MENAFN) The Gulf Petrochemicals and Chemicals Association (GPCA) said that fertilizer capacity in the Middle East is expected to increase to 50.4 million tons by 2016, but global production in the petrochemical sector is expected to have a serious downfall.
GPCA figures show that fertilizer production in the Gulf Cooperation Council (GCC) in 2012 was 31.4 million tons increasing 10 percent from the year before it, but global fertilizer production grew only by 2.2 percent in the same period.
Fertilizer production in the GCC is expected to be affected by the rise of shale gas production. “The North American shale gas revolution will give local chemical companies access to cheaper raw materials like nitrogen and sulphur ” key components in fertilisers,” said, secretary-general of the GPCA, Dr. Abdulwahab Al Sadoun.
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