GCC chemicals sector has $71 bln investment plans for 2020-2024: Al-Sadoun

Dr Abdulwahab Al-Sadoun, Secretary-General, GPCA

Dr. Abdulwahab Al-Sadoun, Secretary-General, Gulf Petrochemicals and Chemicals Association (GPCA), said despite a plunge in global investments, there are plans to pump investments worth about $71 billion in the GCC chemicals industry during the period 2020-2024.

Chemicals producers in the GCC countries have already invested about $6.8 billion and $9.5 billion in 2019 and 2020, respectively, he told the 15th annual GPCA Forum.

Al-Sadoun also noted that estimates show a drop of 15-20% in the GCC chemicals exports during 2020, to 66-70 million tons due to the COVID-19 pandemic.

He highlighted that export revenues for 2020 are estimated at about $43-45 billion, equal to those recorded in 2016.