Saudi Arabia downstream investment to hit $ 100 bn by 2015

Dec 09, 2009 01:00 AM

The Saudi Arabian energy minister has said that the Kingdom of Saudi Arabia (KSA) plans to increase investment in its petrochemicals industry to $ 100 bn and to increase production by 20 mm tpy 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 the KSA.

"By 2015 the Kingdom's petrochemical production is projected to increase from today's levels of about 60 mm tpy to more than 80 mm tpy," Al-Naimi said.
"Industry analysts project that direct investment in the Saudi chemical industry by 2015 will far surpass the $ 100 bn 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 petrochemical producers are long-term players, aiming to deliver affordable products to world consumers. 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," Al-Naimi said.

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