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FINANCIAL NEWS
GCC to produce 10% of global aluminum production
02 Feb 2012
(MENAFN) Frost and Sullivan said that Gulf Cooperation Council (GCC) countries would be expected to produce over 10 percent of global aluminum output, reported Emirates 24/7.
The global market researcher added that large investments, abundant gas resources and highly developed infrastructure, will expand smelters in Gulf countries.
It also said that countries in the GCC have low power cost (4 cents / Kwhr) and gas price (USD2- USD4 MMBTU), favorable logistics due to well connected airports and sea ports to all global destinations, skilled manpower sustaining over 4 decades to provide knowledge transfer to the local manpower.
It is worth noting that over the coming 12 years, the UAE, Saudi, Kuwait, Qatar, Bahrain and Oman will be forecasted to invest around USD25 billion into new aluminum projects and expansion of their existing smelters.
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