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Achieving a new round of rapid expansion Looking ahead to 2010, the petrochemical industry in the Middle East is still driving fast growth. The U.S. Energy Information Administration (EIA) predicts that global oil demand will increase by 2.1% year-on-year this year, and the average price of crude oil will approach 80 U.S. dollars per barrel. Due to the abundant oil and gas resources, with the firmness of oil prices and the increase in demand, the Middle East petrochemical industry will expand rapidly this year, and the Middle East region as a global basic petrochemical center will be firmly established.
At present, the Middle East is completing the transition from simple oil exports to various petrochemical products. Al Sarden, the secretary-general of the Gulf Petrochemicals and Chemicals Association (GPCA), stated that the current petrochemical production in the Middle East accounts for about 11% of the world's total; by 2015, this proportion will rise to 16%, reaching 115 million tons/year. Saudi Oil Minister Naimi said at the GPCA meeting held in Dubai at the end of last year that natural gas production in Saudi Arabia is expected to increase significantly in the next few years. By 2015, Saudi Petrochemical production will increase from the current 60 million tons to 80 million tons/year. In the year, it accounted for about 62% of the petrochemical production in the Gulf Cooperation Council region. Steve Pryor, president of ExxonMobil Chemical, predicts that the world's petrochemicals trade will double in the next 10 years, with the Middle East accounting for 75% of net exports. The American Chemical Industry Council (ACC) predicts that the production of chemicals in the Middle East will increase steadily in 2010, among which Saudi Arabia will increase by 6.3%, Qatar by 7.4%, Kuwait by 3.2%, UAE by 3.4%, and Iran by 2.2%.
Acquiring global polyolefin market With the low cost advantage of ethane raw materials, the construction boom of Middle East Petrochemical continues and will peak this year. This year, Iran, Saudi Arabia and other countries in the Middle East will have a total production capacity of more than 5 million tons/year of ethylene crackers. The new production capacity will account for about 4% of the world total.
It is understood that the new ethylene cracker installations in the Middle East in 2010 include the Iranian Morvarid petrochemical project, the Las Raven Olefins project in Qatar, Saudi Arabia’s Sharq project and Borouge's second cracker, and the new capacity is mainly used. For export, especially in Asia.
Due to the significant increase in production capacity of ethylene and its derivatives, the Middle East is expected to become the main producer of polyolefins in the next five years. ICIS analysis believes that by the end of 2010, the ethylene production capacity in the Middle East will surpass that of Europe, approaching 20% ​​of the world's total production capacity.
Despite the large-scale expansion of polyolefins in the Middle East, industry insiders are still optimistic about this year's polyolefin market. William Hill, CEO of Borouge's marketing department, said that since China and India still maintain high economic growth, polyolefins still have a stable consumer market in terms of high value-added plastics instead of traditional materials. He is still optimistic about this year's polyolefins. market. Analysts pointed out that the price of polyolefins mainly depends on raw material costs. If the prices of crude oil and naphtha are high this year, the price of polyolefins will remain stable. On the other hand, the steady growth of the downstream market has also increased the confidence of Middle Eastern petrochemical investors. It is estimated that the global demand for polyethylene and polypropylene will increase by 5%-7% this year. Among them, the packaging industry in the Middle East and the automotive industry in India are new growth points for the polyolefin market.
Downstream High-End Products At present, the shortage of ethane raw materials in the Middle East, many of the petrochemical investment projects turned to naphtha as raw material cracking production of a variety of downstream products. This year, the size of mergers and acquisitions in the Middle East for the downstream market will continue to expand, and downstream products will also shift from ordinary products to high-value-added specialty and fine chemical products.
Pryor said that local petrochemical companies in the Middle East should cooperate with large multinational corporations such as ExxonMobil to jointly develop high-end rubber products for energy-saving tires. Shell said it is willing to cooperate with its partner Qatar Petroleum to make full use of Qatar's cheap oil and natural gas resources to develop the downstream chemical market. At present, the Saudi government has started to encourage producers to use alternative raw materials and cracking devices for new mixed materials. The Saudi Kayan project will be put into operation this year to produce phenolic resins and polycarbonates. Saab CEO Al-Madi pointed out that Saudi Arabia’s chemical industry will tend to diversify, and new projects such as specialty chemicals and engineering plastics will create more employment opportunities for the local community and consolidate its position as a global leader in chemical production.
Greentown Vice President Green pointed out that in the future, Middle East Petrochemical will be more committed to the development of naphtha, heavy oil and other raw materials as the raw material, ethane-based projects will be relatively reduced, the Middle East petrochemical industry will no longer rely solely on In the ethylene glycol and polyethylene industries, the types of chemicals produced in the Middle East will be even more abundant. The next peak of capacity expansion may occur in 2015.
Middle East: Continue to lead the global petrochemical industry
The petrochemical industry in the Middle East is experiencing a new round of investment in the petrochemical industry in the Middle East this year after suffering from project delays, slowing investment, and increased construction costs. With cheap raw materials, long-term investment strategies and a stable downstream market, this year , put into production peaks, and will change from oil exploration and export to downstream high-end industries. The petrochemical industry in the Middle East will continue to lead the global petrochemical industry while ensuring a stable supply of crude oil while obtaining high profits from chemical products.