The research report released recently by the Kuwait Financial Center believes that due to concerns about the prospects for global economic growth, Gulf petrochemical product prices will be under pressure in the short term, but will stabilize in the long term. According to estimates from the Gulf Petrochemical Association, the capacity of petrochemical products in the GCC region will increase to 113 million tons in 2015.
The report shows that the total amount of petrochemical projects currently being implemented in the GCC region amounts to 19 billion U.S. dollars, and 81 billion U.S. dollars of projects are in different stages of research. Among them, Saudi Arabia is implementing projects worth 12 billion U.S. dollars and research projects amounting to 41 billion U.S. dollars. At present, the main problem facing the petrochemical industry in various countries is that due to rising domestic consumption such as power generation and desalinated water, the supply of natural gas is insufficient, resulting in insufficient supply of ethylene.
The report also believes that the petrochemical companies in the Gulf need to improve product quality, deal with the lack of ethylene, and improve technology.
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