GCC petrochemical investments to reach $160 billion by 2016

30/12/2011 08:16 AST

Gulf Cooperation Council (GCC) member states plan to pump 50.3 billion US dollars-worth of investments in the petrochemical sector in the coming five years, to take their total investments in this sector up to about $160 billion, a specialized energy report has revealed.

The report, issued by the Diplomatic Center for Strategic Studies, pointed out that the new investments increase GCC total petrochemicals output from about 105 million tons to 158 million tons per year by 2016, up 53 million ton per year.

It noted that the investments will be used to build infrastructure and production and export facilities.

The report forecast that GCC petrochemical sector will grow by eight percent by the end of 2011.

This growth encourages investors to set up a strong industrial base in the region, it suggested.

It asserted that the petrochemical sector in the Gulf States has attracted foreign investments due to the available infrastructure and resources.

Global investments in petrochemicals have amounted to $200 billion by the end of 2010, the report said, adding that forecasts show that these investments would be doubled by 2020.


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