Gulf petrochemicals sector has shown its ability to resist pressures, such as price fluctuations in the consumer markets, rising production costs and the continued fall in oil prices, according to a recent oil report.
The report issued by Crescent Petroleum pointed out that the persistence of gas prices at appropriate levels as well as government support have had a positive impact in improving the sector’s ability to resist and withstand the rapid changes in the market and contributed to the improvement of competitiveness factors in foreign markets.
According to the report, outlooks for the Gulf petrochemicals sector are still positive, because of the attractive investment environments coupled with government support and the continued demand for products.
It is worth mentioning that the sector’s sales amounted to more than $87 billion and accounts for 13 per cent of the world production of petrochemicals.
(US$1 = AED3.67, at the time of publishing)