Saudi downstream industries are still restricted despite tremendous revenue generated by the petrochemical industry in Saudi Arabia.
Minster of Petroleum and Mineral Resources Ali Al-Naimi announced recently that total production in petrochemical industry is expected to exceed 80 million tons in 2015. The announcement was made during the Gulf Petrochemicals and Chemicals Association Forum in Dubai. Al-Naimi also said that he expected investment in the Saudi chemical industry would far surpass the $ 100 billion mark by 2015.
“In Saudi Arabia, we are blessed with abundant natural resources, and we have been able to overcome challenges and provide competitively priced gas and Natural Gas Liquids (NGL) products fostering strong growth in our chemical industry, said Dr. Yassin Al-Jefri, an economist. “The only problem that we have is the monopoly strategy. SABIC (Saudi Basic Industries Corp.) is the only company that determines the prices of natural gas, which is why the prices are getting higher and the downstream industries are not able to expand or even survive.”
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