Mubasher: Petrochemical companies in the Gulf region are seen to have performed better this year when compared to 2017, with the outlook looking decent for 2019, according to Ubhar Capital.

In 2018, profits of GCC petrochemical firms increased by 2% to $7.57 billion compared to $7.45 billion, Ubhar Capital said in its report released on Monday.

Borouge, Khalifa Industrial Zone Abu Dhabi (KIZAD), National Industrialization Company (Tasnee), and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019, which is scheduled to kick off from 5 to 8 January 2019 at Dubai International Convention and Exhibition Centre.

“With the industry experiencing a steady growth, plans are already in place for a massive investment in the downstream sector, with more than $200 billion expected to be ploughed into new refining and petrochemicals ventures in the GCC by 2025. According to a new report released by the Paris-based International Energy Agency (IEA), primary chemicals consumption will grow almost 60% to 1 billion tonnes by 2050, where the Gulf will account for 12% of all global high value-chemicals,” the report said.