Gulf petrochemical investments to touch $160 bn

Kuwait City, Jan 1 (IANS/WAM) Investment in the petrochemical sector in the Gulf region would go up to $160 billion in the next five years, an energy report has revealed.

The report issued by the Diplomatic Centre for Strategic Studies said the new investments would increase the petrochemicals output of member-states of the Gulf Cooperation Council (GCC) from about 105 million tonnes to 158 million tonnes per year by 2016, up from the present 53 million tonnes a year.

The investment would be used to build infrastructure as well as production and export facilities.

The report forecast that the GCC petrochemical sector will grow by eight percent by the end of 2011.

Global investment in petrochemicals reached $200 billion by the end of 2010, the report said, adding that forecasts are the investment would double by 2020.