Demand for petchems seen to rapidly grow: Minister

Saudi Minister of Energy Prince Abdulaziz bin Salman

Saudi Minister of Energy, Prince Abdulaziz bin Salman, expected global demand for petrochemicals to rapidly grow, which will bolster demand for hydrocarbons as raw materials.

Saudi Arabia is assessing production of low-carbon petrochemicals, such as clean urea, Prince Abdulaziz added during the preliminary session of the 17th Annual GPCA Forum.

The global petrochemical industry is forecast to grow by over 50% to nearly 1.2 billion tons by 2040, which translates into a leap in demand for basic petrochemicals, such as ethylene and propylene by more than 60%.

Petrochemicals are to stay, Prince Abdulaziz added, noting that the hydrocarbon sector will continue generating income and funds for investors within the next decades.

Petrochemicals and their derivatives comprise about 50% of car components, including electric vehicles.