Qatar’s chemical industry generated $11.5bn in sales revenue in 2013, data published by the Gulf Petrochemicals & Chemicals Association (GPCA) show.
Petrochemicals revenues reached an all-time high in 2013 hitting the $89.4bn mark, GPCA said in its latest industry report released on the sidelines of the 9th Annual GPCA Forum in Dubai.
Revenues from GCC (Gulf Co-operation Council) petrochemicals grew by $6bn between 2012 and 2013, resulting in a 7.3% growth. Chemical sales revenue from the GCC is the second highest of any petrochemical producing region, after Asia.
GPCA secretary-general Dr Abdulwahab al-Sadoun said, “2013 marked a turning point for the worldwide chemicals industry, signalling a return from the global economic downturn. And as the region with the second highest rate of sales growth, the GCC has demonstrated that its petrochemicals industry can compete with sector leaders.”
Saudi Arabia, the region’s largest petrochemical producer, accounted for 74.9% of the region’s chemical revenue, roughly $66.9bn in sales.
With analysts forecasting positive growth figures in the near future, regional producers must not be complacent, al-Sadoun said.
“While the emergence of favourably priced feedstock - an advantage that the GCC chemicals producers have enjoyed over the 30 years- becomes available in other regions as shale oil and gas becomes commonplace, we as an industry need to focus on innovation. Growth is assured, but we also need to transform our operations in a way that will make us relevant and profitable 10, 20 and 30 years from now,” al-Sadoun said.
Currently in its third edition, the report provides information on wide-ranging subjects for the region’s chemicals industry including product capacity, employment and trade. Now in its 9th edition, the Annual Forum kicked off with a keynote from HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, followed by speeches from Khalid al-Falih, Saudi Aramco CEO and Andrew Liveris, chairman, President & CEO, Dow Chemical Company.