The downstream petroleum industry is witnessing a diversification phase, transforming the Middle East from an exporter of crude to an exporter of finished products.
Bahrain, where oil was first discovered in the region, still presented great opportunity for those in the petrochemical business to take part in developments and investments in the region, said Finance Minister and Minister in Charge of Oil and Gas Affairs Sheikh Ahmed bin Mohammed Al Khalifa.
He was speaking after opening the seventh annual Petchem Arabia 2012 conference in Bahrain.
“We have reached critical mass and the next step for the region is to move down the petrochemical chain,” he said.
“Each new investment opens the door to many others to produce more complex and sophisticated products. The region is starting this phase, turning from a large volume wholesaler to a more sophisticated, high-margin producer,” he observed.
The rising population in the Middle East region has created a significant market. The Finance Minister said that joint ventures in the petrochemicals industry were the way forward.
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