Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Arabia dominates Gulf petrochem industry
Published in The Saudi Gazette on 03 - 01 - 2013

RIYADH – Saudi Arabia is the largest petrochemical producer in the Gulf region, accounting for more than 67 percent of the total GCC petrochemicals capacity, the Gulf Petrochemicals & Chemicals Association (GPCA) data for 2011 said.
According to the findings, the Kingdom's petrochemicals capacity grew at 12 percent compound annual growth rate (CAGR) between 2007 and 2011 to reach 81 million tons last year.
The data showed that value of Saudi Arabia's petrochemicals and chemicals exports rose by 40 percent in 2011 from a year earlier driven by higher prices and increasing demand. The Kingdom shipped 35.2 million tons of petrochemicals and chemicals in 2011, which is 6 percent higher than in the previous year.
“The GCC petrochemicals sector is continuing to demonstrate strong growth in spite of challenging market conditions, especially deepening economic woes in Europe and other key markets. The GPCA annual data provide a comprehensive overview of the major sector developments in each of the Gulf states, and we are happy to announce its latest findings which are vital indicators of the performance of the regional petrochemicals market,” said Dr. Abdulwahab Al-Sadoun, Secretary General of the GPCA.
He added: “We are optimistic about the coming year and aim to overcome uncertainties about the future growth through continued focus on technology, innovation and long-term partnerships.”
Petrochemicals sector contributed 1.1 percent to Saudi GDP in 2011 and accounted for 11 percent of the manufacturing sector's contribution to the GDP, according to the GPCA findings. Saudi Arabia's real GDP grew 7.1 percent in 2011 over the previous year.
GPCA data showed that while the number of GCC nationals employed in the petrochemical sector grew by 11 percent last year, totaling 34,564 citizens, Saudi Arabia alone accounted for 88 percent of all nationals involved in the sector in the region.
Saudi Arabia's petrochemicals sector employed almost 58,000 people in 2011, representing 74 percent of the total number of employees in the GCC petrochemicals sector and 9 percent of the total number of employees in the Saudi manufacturing sector, GPCA said.
Nationalization of workforce in Saudi Arabia's petrochemical sector gained considerable momentum, reaching 52 percent in 2011 while the growth of nationals in the sector stood at 12 percent during the year, the findings showed.
Moreover, the GPCA data showed that petrochemicals capacity is continuing to expand in the GCC. Regional capacity grew by 10 percent last year, reaching 121 million tons per annum, according to the report. Between 2007 and 2011 regional petrochemicals capacity expanded at 13 percent compounded annual growth rate (CAGR).
Petrochemicals accounted for 43 percent of GCC's non-oil export value in 2011, registering 33 percent growth over 2010. Quoting the National Statistical Departments of GCC States, the GPCA data said chemical and related products exported from the GCC equaled $44.7 billion.
The data showed that while the contribution of petrochemicals sector to the GCC GDP in 2011 was just 1.5 percent, the sector represented the fast growing part of the regional economy, creating additional jobs on yearly basis. In fact, employment in the sector grew by 15 percent over 2010 and reached 79,255 employees.
The GPCA data further revealed that the contribution of petrochemicals was quite significant in the manufacturing sector, accounting for 17 percent of the manufacturing GDP in 2011. Besides, the GCC petrochemicals sector accounted for 6 percent of the total manufacturing workforce last year. – SG


Clic here to read the story from its source.