The Gulf Petrochemicals and Chemicals Association (GPCA) has said that the decline in oil prices has led to delay in the implementation of some projects in a few Gulf Cooperation Council states over the past year.
The prices of various petrochemical products made in the GCC shed roughly 30 per cent of their value during 2015, the union said on the sidelines of the seventh session of the GPCA’s Plastics Industry 2016 Conference.
Abdulwahab Al Sadoun, Secretary-General of the Union, pointed out that the decline in the prices of GCC petrochemical products is connected to the decline in the costs of production and the manufacture of basic materials, but the competitiveness in global markets has become more intense.
Al Sadoun said that petrochemical prices started the year on a lower note and might remain at low levels for the rest of the year as crude oil prices are expected to remain cheap too.
The value of the petrochemical market in the UAE amounted to nearly $6.5bn in 2014, while the total value of the sector across the GCC stood at $88bn.