Chief Executive Officer at Equate Petrochemical Company Mohammad Hussein disclosed that sales of the GCC Petrochemical Sector in 2015 exceeded $85 billion, saying sector grew by 9.5 percent between 2005 and 2015 while the volume of production reached over 150 million metric tons.
Hussein made this known during a conference on “Oil Sector Projects and Future of Relationship with the Private Sector”, organized on Sunday by the Sustainability Holding Company. He declared that the GCC countries have 16 percent of the total world production of ethylene, which is the corner stone for petrochemical manufacture. He said this places the region in the second position after China in the global production of ethylene.
He said encouraging competition in Kuwaiti petrochemical sector within Kuwait Petroleum Corporation, its subsidiaries and relevant companies requires support for the valuable materials. He indicated that Equate incurs the highest cost in the Arabian Gulf, so availability of concept and vision is necessary through the right working model to achieve partnership.
He continued that Equate contributes over 45 percent to plastic manufacture in Kuwait fro 1998 till 2015 through production of over 450 metric tons of polyethylene for local production of plastic to meet the local market need and export to other countries. He started that over 270,000 workers are working in the petrochemical sector within GCC countries, in addition to over 800,000 indirect workers at the allied sectors. He revealed that the sector exports its products to over 170 countries across the world, while covering over 50 percent of the Asian markets.