Saudi Arabia and Qatar are the largest chemical exporters in the GCC, together responsible for generating nearly ¾ of the region’s total chemical exports by volume, a shows a new report.
GCC petrochemical companies posted a record 67.2mn tonnes in chemical exports valued at $62bn in 2014, according to the latest industry report by the Gulf Petrochemicals and Chemicals Association (GPCA).
In 2014, Saudi Arabia accounted for 53% of the total regional export measured by volume; or 35.9mn tonnes valued at $36.2bn.
Last year, Qatar accounted for 20% of the total GCC chemicals export volume, valued at $10.6bn.
The UAE has doubled its export share since 2010, reaching 10% of the total regional export in 2014. This equals 6.6mn tonnes valued at $6.4bn.
Kuwait and Oman are each responsible for 7% of total export volume and Bahrain accounts for 3% of the total.
According to the ‘GCC Petrochemicals and Chemicals Facts and Figures 2014’, export revenues for GCC petrochemicals last year rose from $54.6bn in 2013 and are more than double that of ten years ago.
“Petrochemical producers in the Arabian Gulf manufacture products for diverse sectors and markets around the world, earning GCC economies valuable returns,” said Dr Abdulwahab al-Sadoun, GPCA secretary general. “Chemical producers from the Arabian Gulf region ship their products to approximately 170 countries. Asia, and in particular, China, being the most important export market.”
The GCC chemical industry registered a very solid recovery since 2010 with chemical exports by volume 77% higher in 2014 than before the global economic and financial crisis level of 2008.
However, though the GCC chemical trade quickly recovered from effects of the global crisis, it has grown modestly since 2012.
The slower than usual growth can be attributed to weaker global demand and the decline in commodity prices. The effect has partly been offset by growth in chemical production, which demonstrated a 4% annual growth during the same period.
The GPCA’s ‘Facts and Figures’ report is an annual publication will be released at the GPCA’s Annual Forum, which will be held in Madinat Jumeriah on November 17.
Currently in its fourth edition, the report provides information on wide-ranging subjects for the region’s chemicals industry including product capacity, employment and trade.
Now in its 10th edition, the Annual Forum will kick off with a keynote from Suhail al-Mazrouei, UAE Minister of Energy.
Abdullatif A. al-Othman, Governor and chairman of the Board of Directors, Saudi Arabian General Investment Authority (SAGIA) will deliver this year’s opening address.
Other notable industry leaders that are among the confirmed speakers include: Rashed Saud al-Shamsi, chairman GPCA and Petrochemicals Director, ADNOC; Yousef al-Benyan, vice-chairman, CEO, SABIC; Nizar M al-Adsani, CEO, Kuwait Petroleum Corporation, Neil Chapman, president, ExxonMobil Chemical; Osamu Ishitobi, chairman, Sumitomo Chemical; Thierry Le Henaff, chairman ARKEMA Group and Bob Patel, CEO, Lyondell Basel.