Diversifying Saudi Arabia will still Invest $91 Billion in Petrochemicals over 10 Years
Saudi Arabia (KSA) has experienced a robust growth in its economy in recent years with a growth of around four percent anticipated for the financial year 2014-2015.
The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil and energy based economy. However, KSA is determined to maintain its leading position as one of the largest producers of petrochemicals and is aiming to achieve a production capacity of over 100 million tons per annum by 2015.
It has earmarked $91 billion to be spent over the next 10 years to build new plants and expand existing ones and integrate refineries with new or existing petrochemical units.
In order to sustain this expansion, KSA has created lucrative business opportunities in its plastic and petrochemical industries. In fact, it is the only GCC state 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.
This has led to growth in Saudi plastics and petrochemicals from less than $0.5 billion in 1985 to $22 billion in 2011. To further throw the spotlight on KSA’s two primary economic sectors, the Riyadh Exhibition Company will organize Saudi Plastics and Petrochem – the 12th International Plastics and Petrochemicals Trade Fair in Jeddah in 2015.
The event will be held from March 1 to 3, 2015 at the Jeddah Center for Forums and Events to highlight cutting edge technologies and products in petrochemicals and plastics sectors.
Organizers confirmed the participation of Saudi Basic Industries Corporation (Sabic) as the Diamond sponsor along with Rabigh Refining & Petrochemical Co. (Petro Rabigh) as the Gold Sponsor.
The exhibitors will 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, to name a few.