04 April 2012 08:29 [Source: ICIS news]
DUBAI (ICIS)--The annual production of plastic resins in the Gulf Cooperation Council (GCC) region will increase by 39% to 25m tonnes in 2016 from the current 18m tonnes, a senior executive of Abu Dhabi-based producer Borouge said on Wednesday.
Of this, about 3m tonnes/year is converted in the region, with this amount expected to grow by more than 50% to 5m tonnes/year in 2016, Abdul Aziz al-Hajri, CEO of Borouge, said at the opening address of the third Gulf Petrochemicals and Chemicals Association (GPCA) Plastics Summit in Dubai.
The small conversion capacity in the Gulf as compared with the vast amount of available feedstock, as well as converters’ proximity to the feedstock, are ideal factors that will allow the growth of the conversion sector in the Gulf, he said.
With converters partnering resins producers for product innovation, this will increase price competitiveness and encourage investments in the Gulf, he added.
The third GPCA Plastics Summit will run from 3-5 April.
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