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FINANCIAL NEWS
Gulf eyes $200b petchem production by 2020
08 Dec 2010
(MENAFN) Khalid Al Falih, Chief Executive of state oil company Saudi Aramco, announced that by 2020, petrochemicals production in the Gulf region could be worth $150 billion to $200 billion annually, up from $40 billion this year, Reuters reported.
According to Al Falih, the current production at $40 billion, which meets up to 40 percent of Asia’s demand, should accelerate to reach $80 billion per year over the coming decade.
By 2015, Petrochemicals output in the worlds top oil exporter is expected to reach 80 million tons per year, from 60 million tons in 2009, whereas Saudi Basic Industries Corp (Sabic) alone, plans to boost its petrochemicals production to 130 million tons by 2020, Saudi Oil Minister, Ali Al-Naimi said.
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