The Middle East will have the highest growth rate in petrochemicals investment, and will become the largest plastics exporter by 2005, a Swiss plastic expert said, cited by the Gulf News on Wednesday.
“In 1980, global capacity of the four major thermoplastic resins, including polyethylene, polypropylene, polyvinyl chloride and polystyrene, was about 53 million tons, with the Middle East's share being less than 2 percent.
But by 2005, global capacity for these resins is estimated to be about 168 million tons, with the Middle East's share to exceed 15 million tons, giving the region a 9 percent global share,” said Horst Maack, president of Maack Business Services (MBS).
The main reasons for the increase are the availability of cost-competitive raw materials, including gas and oil, an investment-friendly environment, political stability and financial security, he said.
The recent flood of investments, technology and the region's cost-competitiveness have created an ideal environment for the Middle East to become the world's largest thermoplastic resin exporter, said the expert – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
