Saudi Basic Industries Corporation (Sabic) is expecting that planned investment in capacity expansion will rise to about $25 billion in coming five years.
Deputy Vice President and CEO of Sabic, Mohammad Bin Hamad Al Mady, conveyed that production capacity will rise to 130 million tons per year by 2020 from the 47 million tons per year of 2005 due to expansion and number of employees will exceed 25,000.
He said real GDP growth is approximated to be 5.8 percent this year and it could decrease to 5 percent by 2009.
He added that petrochemical development is progressing in the Middle East, especially GCC countries. If petrochemicals are substituted by ethylene, Middle East will achieve half the upturning in production capacity in coming five years. Almost 20 percent of world's ethylene production capacity is expected to be contributed by Iran and GCC countries within 2010.
Sabic is among the top ten global producers of petrochemicals and it has more than 17,000 employees. It plans to raise its market share among international manufacturers.
Al Mady further said that company will contribute to future growth of petrochemicals in the Middle East through expansion in ethylene, ethylene glycol, propylene, polyethylene, polypropylene, styrene monomer and methanol.
marketing@alchempro.com
