Petrochemicals touch every aspect of modern-day life, at home as well as in the broader market sphere. It’s therefore not surprising that the ups and downs of global oil prices are closely watched as they impact the industry both upstream and downstream of the petrochemical supply chain.
The region seeing a fundamental shift in the sector as the viability and opportunities of the downstream segment begin to gain more and more traction, both with regional governments and private players.
Their long experience as producers of crude oil and natural gas, in addition to their specialisation in the midstream sector of transportation and storage of these fuels, is now helping them in transforming them into saleable petroleum products.
The GCC economies are quickly moving into leadership position along the downstream supply chain, including distributing and selling the petroleum products, while augmenting their capacity for refining, processing and purifying crude oil and natural gas. With steady year-on-year global growth projected for the sector over the next five years, a more sustainable, forward looking approach over the mid term would be advisable.