Saudi Arabia To Invest US$91B In Petrochemical Sector In Next 10 Years

Saudi Arabia has earmarked US$91bn over the next decade to build new petrochemical plants and expand existing ones, along with integrating refineries with new or existing units in the Kingdom

The GCC nations also aimed to achieve a production capacity of over 100mn tonnes of petrochemicals per annum by 2015.

According to Riyadh Exhibitions Company, Saudi Arabia has experienced a robust growth in its economy in recent years with a growth of around four per cent anticipated for the financial year 2014-2015. The country has also diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy.

However, in order to sustain this expansion, the Kingdom has created lucrative business opportunities in its plastic and petrochemical industries. In fact, Saudi Arabia is the only GCC country 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, the organiser added. This has led to growth in plastics and petrochemicals from less than US$0.5bn in 1985 to US$22 bn in 2011.

In order to throw more light on Saudi Arabia’s two primary economic sectors, the Riyadh Exhibition Company will hold Saudi Plastics and Petrochem — the 12th International Plastics and Petrochemicals Trade Fair in Jeddah from 1-3 March 2015 at the Jeddah Center for Forums and Events to highlight cutting edge technologies and products in petrochemicals and plastics sectors.

Organisers have confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the diamond sponsor along with Rabigh Refining and Petrochemical Company (Petro Rabigh) as the gold sponsor.

The exhibitors would 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.