Other stories: Top 10 Middle East oil & gas events in 2010 | World’s 10 largest oilfield technology companies | World’s 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009’s winners and losers in the oil industry | 10 events in oil’s history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies | World’s 10 largest oilfield services companies | World’s 10 largest oil and gas contractors
The Saudi Arabian energy minister has said that the KSA plans to increase investment in its petrochemicals industry to US$100 billion and to increase production capacity by 20 million t/y by the year 2015.
Giving the keynote speech at the Gulf Petrochemical and Chemical Association (GPCA) Forum Ali Al-Naimi spoke at length about the Saudi Arabia’s plans to massively expand its petrochemical and refining business, especially in its significant home market.
“By 2015 the Kingdom’s petrochemical production is projected to increase from today’s levels of about 60 million t/y to more than 80 million t/y,” Al-Naimi said.
“Industry analysts project that direct investment in the Saudi chemical and petrochemicals industry by 2015 will far surpass the 100 billion dollar mark.”
Al-Naimi also called upon the World Trade Organisation (WTO) to free up trade routes in order to allow the world to trade itself out of recession.
“Gulf petrochemicals producers are long-term players, aiming to deliver affordable products to consumers arround the world,” Al Naimi said.
“It is certainly in our interests to work to maintain open markets. Growth in global trade is in our interests as well as those of our customers around the world,” the petroleum minister concluded.
