13 December 2011 10:05 [Source: ICIS news]
DUBAI (ICIS)--The Gulf’s overall petrochemical production capacity is expected to exceed 150m tonnes/year by the end of 2015, the president and CEO of Kuwait-based producer Equate, Hamad Al-Terkait, said on Tuesday.
“Currently, the Gulf produces a little over 11% of the world’s petrochemicals, while in 2015 this percentage is expected to reach over 15% in this industry that [is] valued at over $600bn worldwide,” Al-Terkait said in a statement issued on the sidelines of the 6th GPCA Forum, which is being held in Dubai on 13-15 December.
“The Gulf’s petrochemical industry faces a number of challenges relevant to recession in the global economy, competent human resources, feedstock limitations, infrastructure availability and supply chain issues, yet such matters have not hindered this industry’s sustainable growth,” he added.
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