ECONOMY

Saudi Arabia will invest $91 billion to spur petrochemical industry

The growth came as the country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy. (Shutterstock)

Saudi Arabia has experienced a robust growth in its economy in recent years and growth of around 4 percent expected for the financial year 2014-2015.

The growth came as the country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy.

However, the Kingdom is determined to maintain its leading position as one of the largest producers of petrochemicals and is aiming to achieve a production capacity of over 100 million tons per annum by 2015.

It has earmarked $91 billion to be spent over the next 10 years to build new plants, expand existing ones and integrate refineries with new or existing petrochemical units.

In order to sustain this expansion, Saudi Arabia has created lucrative business opportunities in its plastic and petrochemical industries.

In fact, it is the only state in the Gulf Cooperation Council (GCC) to allow private investment in the petrochemical sector with several incentives such as affordable energy, low-cost raw materials, and advanced industrial infrastructure, especially in Yanbu.

This has led to growth in Saudi plastics and petrochemicals from less than $0.5 billion in 1985 to $22 billion in 2011.

To further throw the spotlight on the Kingdom's two primary economic sectors, the Riyadh Exhibition Company will organize Saudi Plastics and Petrochem — the 12th International Plastics and Petrochemicals Trade Fair — in Jeddah in 2015.

Accredited by UFI, the Global Association of the Exhibitions Industry, Saudi Plastics and Petrochem 2015 will be held from March 1-3, 2015 at the Jeddah Center for Forums and Events to highlight cutting edge technologies and products in petrochemicals and plastics sectors.

Organizers confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the Diamond sponsor along with Rabigh Refining & Petrochemical Co. (Petro Rabigh) as the Gold Sponsor.

The exhibitors will get an opportunity to showcase their solutions and services to a broad audience comprising diplomats and high-ranking government officials, industrialist and manufacturers, distributors, suppliers and retailers, industrial engineers, and purchasing and operations managers, to name a few.

Saudi Plastics and Petrochem 2015 will be held concurrently with Saudi Print and Pack 2015 – the 12th International Trade Exhibition for Printing and Packaging Technologies.

This story was originally posted on the Saudi Gazette on Dec. 23, 2014.

SHOW MORE
Last Update: Tuesday, 23 December 2014 KSA 19:43 - GMT 16:43
Top
BREAKING NEWS

Send to a friend

Close
Saudi Arabia will invest $91 billion to spur petrochemical industry
The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed