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FINANCIAL NEWS
Investments in Saudi petrochemicals to reach USD150b by 2016
15 Dec 2011
(MENAFN) Saudi Prince Faisal Bin Turki said that by 2016, investments in the Kingdom’s petrochemical industry would have reached USD150 billion, reported Gulf News.
Turki added that by 2016, total production of petrochemicals, chemicals and polymers would be forecasted to grow 250 percent from 2006 reaching 100 million tons, whereas annual output of methylene would hike 230 percent over 2006 and output of propylene would soar 300 percent.
He also said that the ministry of petroleum and minerals was working with the industry on expanding the country’s product portfolio and moving along the value chain to comprise 120 new petrochemical and chemical products that would facilitate the creation of future downstream conversion industries, which came as part of Saudi’s strategy to diversify its economy.
It is worth noting that more than 85 percent of the polymers made by the Saudi industry are exported and then shipped back to the region in the form of finished goods.
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