28 November 2012 12:00 [Source: ICIS news]
DUBAI (ICIS)--Most of the increase in production capacity of key polymers, monomers and aromatics will come from Middle Eastern producers over the next five years, a company executive from French refining major Total said on Wednesday.
About 280m tonnes/year of incremental petrochemical production capacity is expected in 2011-2017, with Middle Eastern national oil companies (NOCs) taking up about 23% of that growth, Olivier Alexandre, Total's vice president, Middle East and Africa, told delegates at the seventh Gulf Petrochemicals & Chemicals Association (GPCA) Forum in Dubai.
Middle Eastern NOCs previously accounted for 21% of the incremental production capacity growth in 2005-2011, which totalled 215m tonnes/year.
"NOCs are increasing their share of global capacity from 9% in 2005 to 15% in 2017," he said.
International oil and chemical companies, meanwhile, will see their share slide from 38% in 2005 to 35% in 2017, Alexandre said.
Some of the incremental production capacity through to 2017 will come from the US on the back of the shale gas revolution but most of the increase will be in the Middle East and Asia, he added.
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