The GCC Chemical Industry 2013 - GPCA | The voice of the

The GCC Chemical Industry 2013 Facts and Figures

2

CONTENTS 1. About the chemical industry 01

2. GCC chemical industry in 2013: key numbers 06

3. Economic contribution of the GCC chemical industry 08 4. GCC chemical production capacity by product 26 5. GCC chemical production capacity by country 50 6. GCC chemical capacity utilization 60 7. GCC chemical industry’s performance in a global context 64 8. GCC chemical trade 72 9. Employment in the chemical industry 88 10. GCC petrochemicals industry sales revenue 98 11. Number of chemical patents issued in the GCC in 2012 102 Acknowledgements, References, Special Thanks 108

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Section 1What is the chemical industry?

5

The chemical industry takes natural raw materials such as oil and natural gas, as well inorganic minerals such as limestone and salt, and converts these into thousands of chemical products. Based on the UNEP, there are about 248,000 chemical products known to date. The chemical industry serves nearly every sector of economy by providing essential inputs in the form of chemical productions or

�� products, intermediate products, specialties and � �� !��pharmaceuticals.

Chemicals’ Lifecycle

The chemicals’ lifecycle starts with extraction of raw materials (mining, extraction of oil and gas and others) which are used in chemical manufacturing, processing �� "#��$�� %�� to produce a wide variety of downstream chemical products. These chemical products can, in

turn, be used as feedstock for chemicals production further downstream, industrial activities and services, or production of consumer products. At any stage of lifecycle, chemicals are being shipped to various locations within the country of its production or internationally.

�� $ � ��

Description

2401 #��$�� $basic chemicals

& #��$�� $�� '� !�$ ��* �� and nitrogen compounds& #��$�� $$ ��* ��" ��!��& #��$�� $!��!��$��$��

2402 #��$�� $other chemical products

& #��$�� $! �� "��+�� !��& #��$�� $!�� "�� printing ink and mastics& #��$�� $!�� botanical products& #��$�� $��!�� " �� "��!��" preparations, perfumes and toilet preparations& #��$�� $�� !��

-/3� #��$�� $��+��

#��$�� $!��!��$��$��

Chemicals industryBasic

Chemicals

Raw materials (eg oil, coal, gas, air, water, minerals)

Chemical processing

Consumers

Bulk inorganics and organics eg Ammonia, Gases, Acids, Salts, Petrochemicals: Benzene, Ethylene, Propylene, Xylene, Toluene, Butadiene, Methane, Butylene

SPECIALITY CHEMICALSRubber and Plastic goods, Paints,

Adhesives, Performance Chemicals

CONSUMER CARE PRODUCTSSoap, Detergents, Laundry aids, Bleaches,

Haircare, Fragrances, etc

LIFE SCIENCEPharmaceuticals, Agrochemicals,

Biotechnology

OTHER INDUSTRIES��

Paper, Textiles,etc

�� !!�

"�� #$��#

Source: OECD 2001

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6

Section 2GCC Chemical industry in 2013: key numbers

77

Represented 3.3% of GCC GDP in 2013

Contributed 35% to manufacturing value added in 2013

Generated $US 89.4 bn in sales revenue in 2013

Directly employs more than people 148,900 people

56% of all employees in the chemicals industry are national citizens

$US 102.6 billion worth of chemical output in 2013

Production capacity of 140.5 million tons in 2013

Growth of 10% per year over the past decade

Accounted for 10% in global output of major products produced in the GCC

8

Section 3Economic contribution of the GCC chemical industry

9

The GCC chemical industry played an integral role �� "��@� �� !� ��-39�� " � �� F��H�I�� $��J�$�� "��@�7KL

The GCC chemical industry contributed 3.3% to regional GDP in 2013

GCC: GDP by Main Economic Activities, 2013Total: $US 1.65 trillion

Crude Petroleum& Natural Gas

Finance Insurance, Real Estate& Business Services

46.6%

Electricity and Water 1.4%

Construction 5.5%

Wholesale & Retail Trade,Restaurants & Hotels

8.5%

Transport, Storage & Communication 5.4% 9.7%

Manufacturing9.3%

Others

Agriculture, Forestry & Fishing1.1%

12.5%� ��"

sector2.4%

Petrochemicals& chemicals

3.3%

Othermanufacturing

3.6%

Note: GDP at current pricesSource: GCC National Statistical Authorities, IMF, World Bank, GPCA Analysis, 2014

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10

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The chemical industry holds the key to success for the manufacturing sector in most of the GCC countries The path to economic prosperity for a nation is tied �� $��$��"� �� GCC, manufacturing output, measured by value �� "��^J! �� "�� !�� chemical industry value added registered a growth �� $��9-J! �� "�� ! ��_ �� -33^��-39�� 7�� grew nearly twice as fast as the GCC’s GDP. �� $-39�� 7�� `9J��$��"� ��7KL��j�� $�� chemical industry to manufacturing GDP is the ��"� ��/�J

Chemicals Other Manufacturing

GCC Chemical Contribution to ManufacturingAdded Value by Country, 2013

100%

100%

100%

100%

100%

100%

Saudi Arabia

Qatar

Oman

Kuwait

UAE

Bahrain

57.3%42.7%

57.4%42.6%

66.4%33.6%

77.1%22.9%

78.3%21.7%

89.2%%10.8%

Source: GCC National Statistical Authorities, IMF, World Bank, GPCA Analysis, 2014

11

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Saudi Arabia: GDP by Main Economic Activities, 2013 Total: $US 749 billion



44.4%


Construction 4.8%


8.6%


Manufacturing10.1%

Others

Agriculture, Forestry& Fishing1.8%

15.0%

� ��"sector2.4%


4.3%

Othermanufacturing

3.4%

Saudi Arabia is the largest economy in the GCC and its chemical industry is a key component of the country’s manufacturing sector Saudi Arabia is the largest economy in the GCC region with half of it’s activity dedicated to the ��$��"��-39��$��"

� !� � �� 939J�$��@�7KL��$��"�� "� �$��F��/9��F��`H{�� -33`��-39�Gross value added of the chemical and petrochemical industry grew faster than ��$��"�� -33`��!� ��F��-�� !� � �� /�J�$��@�7KL��-39�

Note: GDP at current pricesSource: Saudi Arabia’s National Statistical Bureau, GPCA Analysis, 2014

3.1. Chemical industry contribution to GDP Saudi Arabia

12

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Saudi Arabia Manufacturing Added Value by Sub-Sector

20102008

34.8%40.9% 39.1% 39.8% 37.3%

33.6%

38.9%32.2%

31.7%34.7% 37.4% 42.7%

26.3% 26.8% 29.2%25.5% 25.4% 23.8%

2009 2011 2012 2013

Other manufacturing Petrochemicals and chemicals '��#��

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

utio

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Man

ufac

turin

g (%

)

3.1. Chemical industry contribution to GDP Saudi Arabia (continued)

Source: Saudi Arabia’s National Statistical Bureau, GPCA Analysis, 2014

9�

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UAE: GDP by Main Economic Activities, 2013Total: $US 402 billion


Crude Petroleum& Natural Gas38.9%


Construction 9.0%


10.2%


Manufacturing8.5%

Others


15.8%� ��"

sector2.8%


1.8%

Othermanufacturing

3.9%

The chemical industry in the UAE continues to outperform the manufacturing sector The UAE is the second largest economy in the GCC, with a growing manufacturing sector that contributed ^HJ�� @�7KL��-39�_ �� -33^��-39��$��"� �� "� ��/^J! �� 6� �� ! ��

3.1. Chemical industry contribution to GDP UAE

Source: UAE National Statistical Authority, GPCA Analysis, 2014

industry outperformed its manufacturing peers by � "�� "�"��$99`J! �� "�� ! �� 7KL"� ��HJ��"�� ! ��-39�� F��`/��$��-9`Jof manufacturing total.

14

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UAE Manufacturing Added Value by Sub-Sector

20102008

55.6% 57.4%53.8%

49.7% 47.7% 45.8%

15.8% 12.0% 16.2%20.2% 20.7% 21.7%

28.7% 30.6% 30.0% 30.0% 31.6% 32.5%

2009 2011 2012 2013


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

utio

n to

Man

ufac

turin

g (%

)

Note: GDP at current pricesSource: UAE National Statistical Authority, GPCA Analysis, 2014

3.1. Chemical industry contribution to GDP UAE (continued)

15

6� 7�� -39�+:��;:�"�� <� ��

3.1. Chemical industry contribution to GDP Qatar

The chemical industry continues to make a substantial contribution to Qatar’smanufacturing growth �� -33`�j�� " �� Arabian Gulf region. The country’s manufacturing � �� "� ��9^J! �year, while manufacturing GDP in the GCC grew by 93J! �� "�� ! ��

��"��$��""�� j��@�chemical and petrochemical industry, which �� % ��*�� Since 2007 the industry has more than doubled, reaching $US 8.4 billion in value added and ��"/-J�� @�7KL��-39�

Qatar: GDP by Main Economic Activities, 2013Total: $US 202.5 billion



54.4%


Construction 4.9%


6.2%

Transport, Storage & Communication 3.5%12.0%

Manufacturing9.8%

Others


8.6%� ��"

sector1.9%


4.2%

Othermanufacturing

3.7%

Note: GDP at current pricesSource: Qatar’s National Statistical Authority, GPCA Analysis, 2014

16

3.1. Chemical industry contribution to GDP Qatar (continued)

Qatar Manufacturing Added Value by Sub-Sector

20102008

32.9%

19.4%

44.7%

27.7%

47.4%38.3%

49.0%

65.5%

36.5%

37.2%

34.1%

42.6%

18.0% 15.1% 18.8%

35.1%

18.5% 19.2%

2009 2011 2012 2013


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

utio

n to

Man

ufac

turin

g (%

)

Note: GDP at current pricesSource: Qatar’s National Statistical Authority, GPCA Analysis, 2014

6� 7�� -39�+:��;:�"�� <� ��

17

3.1. Chemical industry contribution to GDP Kuwait

The chemical and petrochemical industry is the second largest manufacturing industry in Kuwait While Kuwait is one of the heavyweight economies in the GCC region, its manufacturing industry �� H/J��|��@�7KL#��$��"�� "� �^J! �� -33`��-39�K��"�� ! ��

Kuwait: GDP by Main Economic Activities, 2013Total: $US 187.4 billion

Finance, Real Estate& Business Services

Electricity and Water

Crude Petroleum& Natural Gas62.8%

1.2%

Construction 1.6% Wholesale & Retail Trade,Restaurants & Hotels3.3%

Transport, Storage & Communication4.7%

9.8%

Manufacturing5.4%

Others

Agriculture,Forestry& Fishing

0.3%

11.0% � ��"sector2.7%

Petrochemicals1.2%

Othermanufacturing

1.5%

�� Source: National Statistical Authorities, GPCA Analysis, 2014

the contribution of the petrochemical and chemical ��|��@�7KL"� ��9�J! �� result, the contribution of the manufacturing industry to Kuwait’s GDP nearly doubled, reaching $US 939��-39��"��"��"�� !�� downstream hydrocarbons plays in Kuwait’s economy.

6� 7�� -39�+:��;:�"�� <� ��

18

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3.1. Chemical industry contribution to GDP Kuwait (continued)

Kuwait Manufacturing Added Value by Sub-Sectors

20102008

33.8% 36.1% 32.9% 30.2%26.1% 26.1%

18.4% 12.0%10.5% 16.6% 22.9% 22.9%

47.8%51.9%

56.6% 53.2% 51.0% 51.0%

2009 2011 2012 2013


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

utio

n to

Man

ufac

turin

g (%

)

�� Source: National Statistical Authorities, GPCA Analysis, 2014

19

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3.1. Chemical industry contribution to GDP Oman

The chemical industry in Oman accounts for 1/3 of the manufacturing added value The manufacturing sector in Oman demonstrated �!��""�� !�� second largest sector of the economy following ��"��$��99J�$}��@�

Oman: GDP by Main Economic Activities, 2013Total: $US 80.6 billion



51.6%


Construction 5.1%


7.9%

Transport, Storage & Communication 4.5%7.6%

Manufacturing11%

Others


9.9%� ��"

sector3.1%


3.7%

Othermanufacturing

4.2%

�� !��" �#��$"�"��%

7KL:�� ~��!� �� !�� F��-I��-39�6� �� }��$��"��{J�$manufacturing added value.

20

3.1. Chemical industry contribution to GDP Oman (continued)

Oman Manufacturing Added Value by Sub-Sector

20102008

43.0% 40.1% 41.0%

27.1%35.6% 38.0%

11.4%

28.5% 26.7%45.4%

34.9% 33.6%

45.6%

31.4% 32.2%27.6% 29.5% 28.4%

2009 2011 2012 2013


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

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Man

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g (%

)

�� !��" �#��$"�"��%

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21

3.1. Chemical industry contribution to GDP Bahrain

The chemical industry represents 16% of the manufacturing sector in Bahrain The manufacturing sector in Bahrain contributed 9/`J��_��@�7KL��-39�_ �� -33^��-39��$��"�� "� ��//J! �� 6� �� !� � ��9{J�$Bahrain’s manufacturing sector.

Bahrain: GDP by Main Economic Activities, 2013Total: $US 32.8 billion



26.8%


Construction 5.9%

Wholesale &Retail Trade,Restaurants & Hotels 6.2%

Transport, Storage & Communication 6.2%

25.2%

Manufacturing14.7%

Others


13.5%

� ��"sector3.4%


1.6%

Othermanufacturing

9.7%

Note: GDP at current pricesSource: National Statistical Authorities, GPCA Analysis, 2014

6� 7�� -39�+:��;:�"�� <� ��

22

6� 7�� -39�+:��;:�"�� <� ��

3.1. Chemical industry contribution to GDP Bahrain (continued)

Bahrain Manufacturing Added Value by Sub-Sector

20102008

56.4%65.4% 65.9% 64.6% 66.2% 65.8%

17.0%

14.6% 13.3% 12.9% 11.0% 10.8%

26.7%20.0% 20.8% 22.5% 22.7% 23.4%

2009 2011 2012 2013


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Con

trib

utio

n to

Man

ufac

turin

g (%

)

Source: National Statistical Authorities, GPCA Analysis, 2014

-�

3.2. Chemical industry contribution to manufacturing output

The chemical industry is the second largest industry within the manufacturing sector in the GCC and has surpassed the sector’s growth 7�� !�� -39�� F��93-{�� " �� $��"� ��$� �� "�� !� � ��--J�$�� "��@��$��"��!��-39�

K��"�� !�� outperformed the manufacturing sector, growing by ��7��$9I{J! �� $��"� ��"��"��7��$9HJ! ��

'��# Chemicals Non-metallic minerals Food products & beverages Basic metals Others

271.0313.8

390.4429.3

473.3

GCC Manufacturing Output by Industry, $US Billion

20102009 2011* 2012* 2013*

15%

80.7

50.1

24.019.315.7

81.3

97.2

59.3

26.121.918.7

90.5

125.5

87.5

28.820.519.1

109.1

133.3

91.9

31.226.622.9

123.5

145.5

102.6

33.830.025.2

136.2

��&�� '�(��" �#��$"�)��%

24

3.2. Chemical industry contribution to manufacturing output (continued)

20102008 2009 2011 2012 2013

GCC Manufacturing and Chemicals Industry Index (2008 = 100)

Chemicals Manufacturing

100

100 107.5

127.5

105.190.8

188.0 197.4

143.8130.8

220.4

158.5

��*��+�� -�� &�� '�(��$$��" �#��$"�)��%

6� 7�� -39�+:��;:�"�� <� ��

25

26

Section 4GCC chemical production capacity by product

27

GCC Chemicals Production CapacityMillion Tons

20132003

Basic MainstreamFertilizers

Polymers DownstreamChemicals

Petrochemicals Basic Inorganics

Intermediates Inorganic chemicals

FertilizerRaw Material

Specialties

14.3

6.54.5

7.4 7.7

12.8

1.5 0.0

45.2

24.1

6.5

21.719.3

21.2

2.20.4

12.2% 14% 3.7% 11.4% 9.7% 5.1% 4% 31.5% CAGR(2003-2013)

�� -��#��$#��"��.�$"/��%

Chemical output in the GCC tripled over the past decade, driven by capacity addition in basic chemicals, polymers and fertilizers industry segments

4.1. Capacity breakdown per product segment

6� 7�� -39�+:��;:�"�� <� ��/

7�� !��"� ��93J! �� during the past decade driven by capacity additions within basic petrochemicals, polymers ��$ ��* �� "� ��

28

GCC chemical capacity reached 140.5 million tons in 2013, of which 2/3 are petrochemicals��-39��! �� !� � �� {I�J�$�� total chemical industry output in the GCC. Basic petrochemicals and polymers are the largest segments with a production capacity reaching 45.2 million tons and 24.1 million tons respectively.

�� -��#��$#��"��.�$"/��%

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Basic PolymersDownstreamChemicals Intermediates

MainstreamFertilizers

FertilizerRaw Material

Inorganic chemicals Specialties

GCC Chemicals Production Capacity by Product Segment

20052003 2007 2009 2011 2013

54.769.3

81.1

104.5

10% 128.5140.5

7.44.56.5

7.7

12.81.5

14.3

9.84.79.0

10.4

14.11.7

19.4

12.05.0

12.1

10.9

15.41.7

23.8

18.65.5

17.6

11.7

16.61.9

32.6

20.7

5.8

21.3

16.6

19.81.9

0.3

42.2

21.7

6.5

24.1

19.3

21.2

2.20.4

45.2P

etro

chem

ical

sB

asic

Ino

rgan

ics

GCC Chemicals Productions Capacity by Product SegmentTotal: 140.5 million tons

Basic

Intermediates

32.2%

Polymers 17.1%

Downstream Chemicals 4.6%

15.4%

Inorganic chemicals1.5%

Fertilizer Raw Material

Specialties0.3%

15.1%

Mainstream Fertilizers13.8%

Petrochemicals:69.3%

Basic Inorganics:30.4%

Polymers are amongst the most important products currently produced in the GCC. The demand for thermoplastics and differentiated performance polymers continues to grow and is fueled by growth in the electronics, construction and automotive industries.

29

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4.2. Capacity breakdown by value-chain

GCC chemical industry growth during the past decade was largely driven by capacity additions within C2 (Ethylene) and C1 (Methane) value chain products

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GCC Chemicals Production Capacity by Value ChainMillion Tons

C2-Ethylene Inorganic chemicalsC1-Methane C3-Propylene Aromatics C4-Butadiene

17.5

23.4

2.1 3.47.9

0.4

50.9

42.4

15.9 15.3 15.1

0.9

20132003

GCC Chemicals Production Capacity by Value Chain, 2013Total: 140.5 Million Tons

C1-Methane

Inorganic chemicals

30.2%

C3-Propylene 11.3%

Aromatics 10.9%

10.8%

C2-Ethylene36.2%

C4-Butadiene0.6%

�3

C1-Methane C2-Ethylene C3-Propylene C4-Butadiene Aromatics Inorganic chemicals

GCC Petrochemicals Production Capacity by Value Chain

20052003 2007 2009 2011 2013

54.769.3

81.1

104.5

10% 128.5140.5

2.117.5

0.43.4 7.9

23.4

4.1

23.7

0.54.2

9.5

27.3

6.3

30.4

0.55.4

9.9

28.6

11.8

39.0

0.69.7

10.7

32.7

14.7

47.3

0.612.6

13.9

39.4

15.9

50.9

0.915.3

15.1

42.4

4.2. Capacity breakdown by value chain

Ethylene and methane based products continue to represent the majority of GCC chemical outputC1 and C2 are the most developed chains within the GCC chemical industry, jointly accounting for �� -��$�� @��!��6� �� volume of the two chain products presently stands

�� -��#��$#��"��.�$"/��%

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��I��-!��"for 50.9 million tons and C1 products accounting for 42.4 million tons. While this composition didn’t change much over the past years, the propylene and aromatics value chains are gaining pace. Over the past decade the two chains recorded the highest ��7��$--HJ��9{9J! �� ! ��

�9

�� -��#��$#��"��.�$"/��%

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GCC Basic Petrochemicals Production CapacityMillion Tons

Ethylene Mixed XylenesMethanol Propylene Benzene ButadieneToluene

7.4

4.9

0.6 0.9 0.3 0.1

21.7

9.3

7.1

3.4 3.4

0.2 0.1

20132003

GCC basic petrochemical output tripled over the past decade as production of ethylene and propylene surged Ethylene has traditionally been the industry’s main building block in the GCC, representing almost half �$�� ! �� !��!�� -39� �� $��/^J��-9`��

# �� " ��"��%!�� "�� $��-3{J�$�� "��@��! �� !��I��$!��!��# �� growth rate among other basic chemicals due the fact that majority of GCC methanol is being exported.

4.3. Basic petrochemicals

Production capacity of propylene reached 7.1 million ��-39�� !� � �� 9H`J�$��petrochemical output total. Propylene output grew by -^{J! �� "�� !�� highest growth among other basic petrochemicals.

6� �� * � �� '�� $��9H{J�$�� "��@��! �� !��-39�� represented only a minor share, there was a substantial expansion of aromatics production capacity over the !�� "��"��9^�J! �� $�� highest among other commodity chemicals.

�-

Ethylene Methanol Propylene Benzene Mixed Xylenes Toluene

GCC Basic Petrochemicals Production Capacity by Product

20052003 2007 2009 2011 2013

14.8

19.423.8

32.6

11.8% 42.245.2

0.64.9

0.9

7.4

5.9

2.1

0.41.5

9.4

5.9

0.4

3.02.0

12.4

8.2

1.2

5.7

2.3

15.0

9.4

0.2

6.7

3.12.2

20.5

9.3

0.2

7.1

3.4

3.4

21.7

Basic petrochemicals production capacity grew by 2.5% year-on-year in 2013 reaching 45.2 million tons

�� -��#��$#��"��.�$"/��%

4.3. Basic petrochemicals

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��

GCC Mainstream Fertilizers Production CapacityMillion Tons

Urea Sulphur Bentonite Fertilizer

Diammoniumphosphate (DAP)

NPK UreaFormaldehyde

6.9

0.1 0.5 0.05

15.1

3.4

0.6 0.1 0.03

20132003

Nitrogen based fertilizers account for the lion’s share of the GCC fertilizer production industry with phosphate based fertilizers at rapid, yet steady rise L��!��$�� $ ��* ��"� � ��I{J! �� -33��-39�� "9I��

�� " �� $ ��* �produced in the GCC, production of diammonium phosphate (DAP) is rapidly increasing. With ��"�� $K�L��"�� Saudi Arabia as of 2011, the total regional !��!��!� � ��/��!�

4.4. Fertilizer industry

6� 7�� -39�+:��;:�"�� <� ��/

Urea Diammonium phosphate (DAP) NPK Urea Formaldehyde Sulphur Bentonite Fertilizer

GCC Mainstream Fertilizers Production Capacity

20052003 2007 2009 2011 2013

7.7

10.4 10.9 11.7

9.6%16.6

19.3

6.9

0.50.1

9.3

0.60.33

9.9

0.60.33

10.5

0.60.55

12.5

0.6

3.4

15.1

0.6

3.4

�� -��#��$#��"��.�$"/��%

�/

Ammonia is the largest nitrogen fertilizer raw material produced by the GCC fertilizer industry with a production capacity of 11.7 million tons�� " ��$ ��* �� $�� 7��$��*��!�� !�� -39��GCC ammonia production capacity reached 11.7 ��!��/J$�� !� ��

��!��!��!��$�� $ ��* ��industry with its usage as a plant nutrient and for processing of phosphate rock into phosphate $ ��* �6� 7��!��!��$��!�� Ì��! ��-39�"��"��93^J� ��+��+� ��

Sulphuric acid is essential for the production of !��!�� $ ��* ��" �!��!�� and the ammonium phosphates. GCC producers are ��!�� $!��"9��$��!��! ��"��" ��$�� past years.

�� -��#��$#��"��.�$"/��%

6� 7�� -39�+:��;:�"�� <� ��/

Ammonia Sulphur Sulphuric Acid

GCC Fertilizer Raw Material Production Capacity

20052003 2007 2009 2011 2013

10.6

14.015.3

16.4

7%19.7

20.9

6.5

3.1

1.0

6.8

6.2

1.1

7.6

6.6

1.1

8.3

7.0

1.1

11.4

7.1

1.2

11.7

7.9

1.3

�H

GCC Polymers Production CapacityMillion Tons

PP PETHDPE LLDPE LDPE PSPVC PC Polyester Fiber Polyamide 6.6 EPS

1.0

2.0 1.9

0.6 0.50.1 0.1

8.1

7.1

4.3

1.71.4

0.5 0.4 0.26 0.1 0.05 0.04

20132003

GCC polymer output quadrupled over the past decade driven by a surge in production of polypropylene and polyethyleneI3J�$!�� !�� past decade were from polypropylene (PP) and polyethylene (PE). The former recorded the highest "��$-��J! ��$�� KL��KL��"� ��9�^J��99�J! ��respectively.

�� -��#��$#��"��.�$"/��%

4.5. Polymer industry

6� 7�� -39�+:��;:�"�� <� ��/

�{

��-39��!��!��$^9��tons per year, polypropylene (PP) is the second largest polymer in the GCC by volume and accounts $��^J�$�� !�� !��

��!��$�� "�� !�� have been launched over the past years, including polycarbonate, super absorbent polymer and polyamide 6.6 which represents the ongoing �� ! �$�� !�� by the GCC producers.

Thermoplastics represent almost 98% of the GCC polymers industry, however new products are being introduced as wellGCC polymer capacity reached 24.1 million ��-39��$�� !� � �� by thermoplastics: PE, PP, PVC, PS and PET. L�� KL��KL��KL��$�� lion’s share within the polymer industry segment, ��!��!��$9�-�� $��H/^J�$��!�� !��

�� -��#��$#��"��.�$"/��%

6� 7�� -39�+:��;:�"�� <� ��/

6.59.0

12.1

17.6

21.3

24.1

GCC Polymers Production Capacity by Product

20052003 2007 2009 2011 2013

14%

0.61.92.0

1.01.0 0.9

2.5

3.0

1.90.1 0.6

1.0

3.2

3.6

3.1

0.5 0.7

1.4

4.2

4.7

5.7

0.9 0.7

1.4

4.3

6.0

7.6

0.91.0

1.7

4.3

7.1

8.1

1.41.3

PE

GCC Polymers Production Capacity by Product, 2013Total: 24.1 million tons

PP33.8%

PET 5.7%

PVC 1.9%

Polyester Fiber 0.6%

HDPE29.7%

LLDPE17.9%

LDPE7.2%

Polyamide 6.6 0.2%

PS 1.6%

PC 1.1%

EPS 0.1%

�`

Ten products account for over 2/3 of the region’s chemical capacity The GCC industry’s top ten products by volume include three sets of product segments which make up the following:

• Base chemicals, which include ethylene, methanol and propylene. These �� !��$��-9`J�$�� region’s total output. Share split is: ethylene �9HHJ�� {{J��!��!�� HJ�

& : ��* �� Urea is the second largest product in the GCC ��"$��93^J�$�� "��@�� !��-39�$�� $��^�J

• Polymer products, which include: polyethylene ��KL��KL��KL��!��!��!�� LL�6�" �� !� � ��9�IJ�$�� "��@�� LL�H^J��KL��H9J��KL��9J�

�� -��#��$#��"��.�$"/��%

4.6. Top 10 chemical products produced in the GCC

6� 7�� -39�+:��;:�"�� <� ��/

Top 10 Products in GCC Chemicals Industry 2013

140.5MillionTons

Ethylene 15.5%

Urea 10.8%

Ammonia 8.3%

Methanol 6.6%

PP 5.8% HDPE

5.1% Propylene

5.0%

MEG 3.8%

LLDPE 3.1%

MTBE 3.0%

Others33.0%

�^

The top ten GCC chemical products accounted for a global share ranging from 5.5 to 22.4% The GCC industry’s global position is large and growing �� 6�� $�� !� �7�� " �� 93J"�� 6� -39�7��"�� " �$��--/J��"� ��$��#6_��HHJ$��

4.7. Global share of GCC top 10 products

6� 7�� -39�+:��;:�"�� <� ��/

GCC share in global production capacity in 2013Top 10 chemicals products manufactured in the GCC

10%

5.5%

6.7%

7.6%

9.4%

12.3%

13.7%

14.2%

16.4%

18.5%

22.4%

Ammonia

Propylene

Urea

Methanol

PP

LLDPE

Ethylene

HDPE

MEG

MTBE

Source: ICIS, GPCA, 2014

�I

GCC ethylene capacity’s global share accounts for 14.2% of the world’stotal capacity Ethylene is one of the largest and most versatile ��! �� "��%��-39�� "�� !�� 9H��"��"��^J! �� "�� !�� Asia is at present the largest ethylene producer in

6� 7�� -39�+:��;:�"�� <� ��/

Global Ethylene Production Capacity by Region (2009 - 2013), MTPA

2013

3.8%

9.8%

153.3

2009

131.9

14.2%

12.2%

22.8%

21.7%

17.2%

3.7%

Asia (Exl China) China North America Europe

GCC Latin America Africa Others

5.3

29.9

11.8

27.1

33.1

15.0

1.97.9 5.7

35.0

18.8

26.3

33.3

21.7

1.411.2

�� "$��HJ�$�� @��

��-39��7�� !��-9`�� $��9/-J�$�� @�� !�� 7��"� ��I^J! �� almost triple the growth rate of the global industry, �� 7��$�^J�� the GCC’s share in world ethylene capacity has �� $��99�J��-33I��9/-J��-39�

Source: ICIS, GPCA Analysis, 2014

40

The GCC’s urea output is increasing and achieved a global share of 7.6% in 2013 7�� !��!��-39�� 9I^H�� $��9`H��in 2009. The majority of these capacity additions took place in Asia and the GCC. Between 2009 ��-39�� 7�� /{��$�� production capacity.

�� (��3��5��"��.(3"/��%

6� 7�� -39�+:��;:�"�� <� ��/

3.7%

5.7%7.6%

14%

64.1%

4%

Global Urea Production Capacity by Region (2009 - 2013), MTPA

2013

3.2%

9.5%

198.5

2009

175.0

Asia

North America

GCC

Latin AmericaAfrica Rest of the world

116.7

24.1

10.96.55.90.5

10.5

127.3

27.9

7.911.3

7.41.6

15.1

Europe

��-39�� 7�� !�� 9H9�� $��`{J�$�� @��Driven by a growth rate that was three times the global industry’s growth rate, the GCC industry ranks as the third largest global production hub for urea.

41

Growth in the GCC’s ammoniaproduction capacity outstripped global industry growth World ammonia production capacity reached 210.9 ��-39��"��"��-`J! �� -33I�� 7��"� ��7��$ÎJ��"�� ! ��7��!��!��-39��99`��

�� (��3��5��"��.(3"/�� (��6��

6� 7�� -39�+:��;:�"�� <� ��/

8.9%

Global Ammonia Production Capacity by Region (2009 - 2013), MTPA

2013

2.7% 210.9

2009

189.5

Asia North America

GCC Africa Others

99.5

45.4

8.311.0

7.2

16.2

112.0

46.6

11.712.1

8.7

17.3

Europe

Latin America

4.1%

8.2%

22.1%

53.1%

5.7%5.5%

�� 7�� "�� $��" ��"�� !��!�� '!�� 7��$��^��-33I��99`��-39�� !�� "��the fastest growing among other parts of the world.

42

Conversely, the GCC global methanolshare had declined in 2013 There are around 90 methanol plants worldwide, ��"�� !��!��$II�million tons and producing methanol from various feedstock – natural gas, coal, biomass and waste. China is the largest methanol producer in Asia, with �� /I��! �� +

�� 7��#��7��8��+��"��.77�"/��$"��

6� 7�� -39�+:��;:�"�� <� ��/

Global Methanol Production Capacity By Region (2009 - 2013), MTPA

2013

10%

3%

99.3

2009

67.5

Asia (Excl China)China

North AmericaEurope

GCC

Africa Rest of the world

Latin America

2.0

24.9

4.2

8.2

12.8

4.21.0

10.3

3.0

49.4

6.8

9.3

12.7

4.02.0

11.5

3.2%

12.8%

6.9%

49.8%

4%2.4%

11.5%

9.4%

fold larger than the GCC methanol industry. 7�� !��$I�� !� � �� I/J�$"�� @��!��-39��$��9--J��-33I�� the production capacity of methanol in the GCC �� '!�� -33I��-39��J! �� "�� "� ��93J! �� "�� ! ��

/�

The GCC’s global share in polypropylene output has increased during the past years, accounting for 12.3% of world production output in 2013 World production capacity of polypropylene (PP) in 2012 is estimated to be 61.9 million tons, with close ��$�$�� !��/`J�� "� ��" ��LL!��"��


6� 7�� -39�+:��;:�"�� <� ��/

Global PP Production Capacity By Region (2009 - 2013), MTPA

2013

5%

9%

65.9

2009

54.0

ChinaAsia (Excl China)

GCC

North America


Europe

8.1

18.2

14.5

11.0

8.8

3.11.2

5.7

14.7

8.3

11.5

9.3

3.00.9

Latin America

1.8%

16.7%

27.5%

4.7%

13.4%

22%

12.3%

-39��@�LL��!�� 9/H�� !� � ��--J�$�� @��

The GCC region is slightly behind both Europe and �� -39�� 7��LL��!��^�� $�� "��!��additions by the GCC producers during the past years, the region’s global share has increased from 93{J��-33I�� 9-�J

44

Global HDPE Production Capacity by Region (2009 - 2013), MTPA

2013

43.5

2009

35.51.9

9.36

5.7

6.1

7.1

7.2

5.30.7

1.6

8.01

3.7

9.1

7.2

4.7

0.60.7


GCC Africa Rest of the world

Europe

Latin America

North America

15%

7%1.7%

14.1%

21.5%

4.3%

16.5%

12.3%

13.2%

16.4%

The GCC’s global HDPE share is largeand growing steadily ��-39�� KL�!��!�� /�`��!$��HH��tons in 2009. This capacity increment has been ��" �� !�� $+��$�� KL��!��-39��9H��$�� HJof that of the global industry. China is the largest


6� 7�� -39�+:��;:�"�� <� ��/

�KL�!�� "�� !��$H`��-39��$��9�-J�$�� @��

6� �� !��$�KL�!�� 7��-39��`9��$��9{/J�$�� @�� -33I�� 7��KL�!��!�� "�� $9HJ! �� highest growth rate after Asia.

45

Global Propylene Production Capacity by Region (2009 - 2013), MTPA

2013

6%

4%105.1

2009

89.3

ChinaNorth AmericaAsia (Excl China)

GCC Africa Rest of the world

Europe

Latin America

3.8

28.5

21.0

7.1

19.2

19.2

4.81.6

3.5

23.3

21.0

12.0

19.8

5.71.42.6

1.5%

19.9%

27.1%

18.3%

18.3%

3.6%6.7%

The GCC propylene output accounts for a modest share in the global industry’s output ��-39�� !��!�� !�� 93H9��!$��Î��-33I6�� !� � ��7��$/J�� by capacity additions in Asia and the GCC.


6� 7�� -39�+:��;:�"�� <� ��/

}� �� !�� 7��!��!�� !��"� ��{J! �� "��"��!��`9��-39�6�� $��{`J�$!��@�"��!�� $�� lowest among other regions.

46

1.4%

25.3%

4.8%

16.7%

15.7%

17.6%

18.5%

Global MEG production capacity by region (2009 - 2013), MTPA

5%

4%

28.7

23.3


Europe

North America

Latin America

GCC

Rest of the world

0.4

6.2

2.2

5.2

4.6

1.6

3.0

0.4

7.3

5.1

4.8

5.3

1.4

5.0

20132009

The GCC is the second largest MEGproducer in the world ��!!�� $��!�� and PET resins producers, the monoethylene glycol �#�7��!��"� ��HJ! �� -33I�� "-^`��-39�6�� " ��


6� 7�� -39�+:��;:�"�� <� ��/

"��#�7!�� China, Taiwan, USA and Canada. 6� 7�� " ��"��#�7!��-39�� $��9^HJ�$�� "��#�7��!��

47

Global LLDPE production capacity by region (2009 - 2013), MTPA

2013

7%

1%

31.6

2009

24.1



GCC

Europe Latin America

North America

1.4

5.1

2.6

4.2

6.8

3.7

0.5

0.5

7.8

5.3

4.3

6.7

3.5

1.5

2.0

4.6%

24.8%

11.1%

6.3%

21.3%

1.5%

16.7%

13.7%

The GCC global market share of LLDPis around 14% at present _ �� -33I��-39�� "��KL��!�� $��-/9��9{��with the highest output growth rate registered in ��9IJ! �� -33I��-39�

Source: ICIS, GPCA, 2013

6� 7�� -39�+:��;:�"�� <� ��/

The GCC continues to be the third region worldwide $��KL�!�� 7�� KL�!��!�� /��-39��$��9�`J�$��

48

Global MTBE production capacity by region (2009 - 2013), MTPA

2013

19.0

2009

18.2

Asia (Excl China)China

North America

Europe

Rest of the world

GCC

0.3

3.7

2.1

3.5

4.3

3.4

1.0

0.3

5.5

2.2

3.2

4.3

2.5

1.0

Latin America

13%

29%

17%

2%5%

12%

22%

7%

The GCC emerged as the world second largest producer of MTBE#6_�� !��!�� large quantities and is used as a fuel additive in ��"�� 7��#6_�� +��ether) output was estimated at 19 million tons in -39��"��"� �$��9^-��-33I

6� 7�� " ��#6_�!�� -39-��!��!�� $��--J�$�� 6� � � � ��"��" ��7��#6_�production capacity since 2009 and it remains at/��! ��

�� 7�� ;��#��$#��6��#�&<��#�$��.7$6</��$"�"��%

6� 7�� -39�+:��;:�"�� <� ��/

49

50

Section 5GCC chemical production capacity by country

51

�� -��#��$#��"��.�$"/��%

5.1. GCC production capacity by country

GCC Chemicals Production Capacity by Country(Million Tons)

36.1

20132003

Saudi Arabia Qatar UAE Oman Kuwait Bahrain

91.5

7.8

19.3

4.510.5 9.1

4.98.6

1.4 1.5

6� 7�� -39�+:��;:�"�� <� ��H

The chemical industry in Saudi Arabiamade an impressive growth triplingoutput during the past decade Saudi Arabia is emerging as a global production

hub for chemicals and plastics. With 91.5 million tons, Saudi Arabia’s chemical industry represents the lion’s share of the regional chemical industry, ��"$��{HJ�$��7�� !��

52

GCC Chemicals Production Capacity by Country

20052003 2007 2009 2011 2013

54.769.3

81.1

104.5

10% 128.5140.5

UAESaudi Arabia Oman KuwaitQatar Bahrain

7.84.54.9

1.4

36.1

10.85.12.84.9

1.4

44.1

11.15.6

3.65.01.4

54.4

11.25.6

7.36.01.4

73.0

17.3

9.19.0

8.51.5

83.1

19.3

10.5

9.18.6

1.5

91.5

While Saudi Arabia continues to be the leading player in the region, other GCC countries rapidly expand their production as well Strong and consistent expansion of regional chemical production has led to the structural ��" �� 7��:�� the past decade the chemical output has doubled

�� -��#��$#��"��.�$"/��%

��j��|�� K��"��! �� "�� "� ��7��$93JEach GCC state experienced its own unique growth pattern. Saudi Arabia’s chemical expansion largely $�� ! �� !��!�� $ ��* �� j��$�� " �� $ ��* ��industry and the UAE on plastics.

6� 7�� -39�+:��;:�"�� <� ��H

H�

20052003 2007 2009 2011 2013

Chemicals Production Capacity in Saudi Arabia(Million Tons)

36.144.1

54.4

73.0

83.1

91.59.7%

Chemical output in Saudi Arabia has tripled over the past decade reaching 91.5 million tons in 2013 Chemical industry output in Saudi Arabia �� $��{9��I9H�� "��7��$I`J��"�� past decade.

�� -��#��$#��"��.�$"/��%

5.2. Chemical production capacity in Saudi Arabia

��-39��! �� !� � �� ^3Jof total chemical output in Saudi Arabia. Basic petrochemicals and intermediates are the largest product segments with production capacity reaching �3I��9I�� ! ��

6� 7�� -39�+:��;:�"�� <� ��H

54

Saudi Arabia Chemicals Capacity by Product Segment, 2013 Total: 91.5 million tons

Basic


33.9%

Intermediates 21.0%

Polymers 19.6%


10.4%


Mainstream Fertilizers

Specialties0.3%

7.8%


Basic Inorganics: 19.8%

�� -��#��$#��"��.�$"/��%

In terms of the industry’s product portfolio, basic petrochemicals represent the largest product segment accounting for 34% of the total output in 2013. Polymers and fertilizers account jointly for 37.4% of the industry’s total output.

6� 7�� -39�+:��;:�"�� <� ��H

55

20052003 2007 2009 2011 2013

Chemicals Production Capacity in Qatar(Million Tons)

9.5%

7.8

10.8 11.1 11.2

17.3

19.3

Qatar’s industry expansion over the past decade is driven primarily by massive capacity addition in the fertilizer industry ��-39��j��@�$ ��* �� $�� than half of the country’s chemical industry production capacity, producing 5.8 million tons of mainstream $ ��* ��/I��$$ ��* ��

�� -��#��$#��"��.�$"/��%

Qatar Chemicals Capacity by Product Segment, 2013 Total: 19.3 million tons

Basic

Mainstream Fertilizers

21.9%

Polymers 9.7%


Intermediates 3.3%

29.9%


Specialties0.5%

Fertilizer Raw Material25.6%



5.3. Chemical production capacity in Qatar

6� 7�� -39�+:��;:�"�� <� ��H

6� "�� $j��@�$ ��* ��outstripped that of production rises across other product segments. Over the past decade it grew by ��9�J! �� ! �� "� ��`J6��"��$� � �� "�� "�to add value downstream and reduce the country’s dependence on oil and gas revenues.

56

UAE Chemicals Capacity by Product Segment, 2013 Total: 10.5 million tons

Basic27.1%

Polymers 23.0%


Intermediates 0.3%





20052003 2007 2009 2011 2013

UAE Chemicals Production Capacity(Million Tons)

8.8%

4.55.1

5.6 5.6

9.1

10.5

Plastics production is the key focus area for the UAE chemical industry Output of the UAE chemical industry has doubled over the past decade reaching 10.5 million tons ��-39�6��"�� "�� $� � ��remarkable expansion of the polymer industry ��"� ��-{J! �� -33��-39��!�� !��!�� 2.4 million tons representing almost a quarter ofthe total output of the UAE’s chemical industry.

�� -��#��$#��"��.�$"/��%

5.4. Chemical production capacity in the UAE

6� 7�� -39�+:��;:�"�� <� ��H

57

20072005 2009 2011 2013

Oman Chemicals Production Capacity(Million Tons)

16%

2.83.6

7.3

9.0 9.1

Oman Chemicals Capacity by Product Segment, 2013 Total: 9.1 million tons

Basic36.8%

Polymers 10.3%





Industry growth in Oman was driven by capacity addition in the fertilizer and polymer products segments Output of the Oman chemical industry has tripled over the past decade, reaching 9.1 million tons in -39�6��"��$� � �� '!��$�� !�� $ ��* �� $��93�J��H-IJ�$��@��!��

�� -��#��$#��"��.�$"/��%

5.5. Chemical production capacity in Oman

6� 7�� -39�+:��;:�"�� <� ��H

58

Kuwait Chemicals Capacity by Product Segment, 2013 Total: 8.6 million tons

Basic38.9%

Polymers

20.3%

11.3%

Intermediates

16.5%

0.9%



Inorganic chemicals



Chemical output in Kuwait almost doubled over the past decade reaching 8.6 million tons in 2013

6� ! �� |��"�� $��+�� 6� � � ��!� ��$�� country’s petrochemical industry was centered on �� !��The industry has almost doubled its output over �� !�� "^{��-39�Among the industry segments, expansion of basic

�� -��#��$#��"��.�$"/��% �� -��#��$#��"��.�$"/��%

petrochemicals and intermediates in Kuwait was $�� "� ��9`^J��9/J! �� -33��-39�� ! �� 6� � �� largest industry segments and account for almost {3J�$��@�� !��L��capacity of polymers grew at similar pace as as �� @�! �� H^J! �� -39�� !� � �� 99�J�$�� industry’s output.

5.6. Chemical production capacity in Kuwait

20052003 2007 2009 2011 2013

Chemicals Production Capacity in Kuwait (Million Tons)

5.9%

4.9 4.9 5.0

6.0

8.5 8.6

6� 7�� -39�+:��;:�"�� <� ��H

59

20052003 2007 2009 2011 2013

Chemicals Production Capacity in Bahrain (Million Tons)

0.3%

1.4 1.4 1.4 1.4

1.5 1.5

Bahrain Chemicals Capacity by Product Segment, 2013Total: 1.5 million tons

Basic26.9%

Mainstream Fertilizers38%



Basic Inorganics:73.1%

Chemical output in Bahrain remains1.5 million tons per year Bahrain’s petrochemical sector is dominated by 7��$L �� !��7L��Production capacity in Bahrain is 1.5 million tons �� "��!��over the past decade. Therefore the country remains only a marginal producer in the region.

�� -��#��$#��"��.�$"/��%

�� -��#��$#��"��.�$"/��%

5.7. Chemical production capacity in Bahrain

6� 7�� -39�+:��;:�"�� <� ��H

60

Section 6GCC chemical capacity utilization

61

The capacity utilization of the GCC chemical industry witnessed a rise from 91% in 2012 to 94% in 2013 ��"��!�� $!��! ��"�� !�� $�� *�� $��I9J��I/J6�� j��-39��!��*�� '� ��"�� 933J�� $� ��

�� -��#��$#��"��.�$"/��%

-39-��% �� !��*��|��!�� $-! �� -39�� "IIJ

�� @��!��*�� $��I9J��-39-��^^J��-39�6�� "� � �� ! ��"�� -39�� !�$� �$�� _��" ��: ��

6.1. Capacity utilization by country

GCC Petrochemicals Capacity Utilization by Country, %

83%

100%

94%

97%

92%

91%

91%

Bahrain

Qatar

Kuwait

Oman

GCC

Saudi Arabia

UAE

2012

103%

116%

94%

99%

92%

94%

88%

Bahrain

Qatar

Kuwait

Oman

GCC

Saudi Arabia

UAE

2013

6� 7�� -39�+:��;:�"�� <� ��{

62

GCC Chemicals Industry Capacity Utilization by Product Segment, %

97%

94%

84%

95%

91%

99%

90%

88%

Intermediates

Basic

Fertilizers

Specialties

All Products

Downstream Chemicals

Inorganic Chemicals

Polymers

2012

100%

98%

94%

94%

94%

90%

89%

81%

Intermediates

Basic

Fertilizers

Specialties

All Products

Downstream Chemicals

Inorganic Chemicals

Polymers

2013

The capacity utilization in the GCC industry improved throughout the main industry’s products segments in 2013 ��-39��!��*��!�� number of product segments. The highest among �� $ ��* �� "� �� !�� $93J��-39�� +��+� ��$�� by basic chemicals and intermediates.

The production of basic chemicals and intermediates is least exposed to external factors, the reason being that the majority of production is consumed captivity

within the region. Producers of basic chemicals in �� 7��* �I^J�$�� !�� !��-39��!�� $/J$�� !� �� !��933J��!��*��-39��J��"� ��-39-

The majority of downstream chemicals and polymers produced in the region are exported overseas. Operating rates of plants producing polymer !�� "��-39�� "�� "�� $`J$�� !� �� operating rates of downstream chemicals have � �� I3J��-39�$��IIJ�� $��

�� -��#��$#��"��.�$"/��%

6.2. Capacity utilization by product segment

6� 7�� -39�+:��;:�"�� <� ��{

{�

GCC and Worldwide Chemicals Capacity Utilization, %

82.3

86.487.3

85.583.5

2009 2010 2011 2012 2013

93%

95%

92%91%

94%

World Capacity Utilization GCC Capacity Utilization

75.0%

80.0%

85.0%

90.0%

95.0%

In 2013, the GCC’s chemical industry’s capacity utilization improved by 3%, whilst its global counterpart declined by 2% Over the past year, the global industry’s capacity ��*��!! ��-J� ��"�� $^�HJ6�� driven by requirements to clear existing stocks and not to build up new as well as temporary shut downs of basic chemicals production units.

�� "��$#��$� ��$"��%

�� !��*�� 7��!�� J� ��+��+� �� "I/J��-39�6� ��contributing factor to this improvement was higher operating rates in production of basic chemicals, �� $ ��* ��

6.3. GCC capacity utilization in a global context

6� 7�� -39�+:��;:�"�� <� ��{

64

Section 7GCC chemical industry’s performance in a global context

65

Over the past years, both the GCC chemical industry and the manufacturing sector have been on a recovery trend • During 2010 and 2011, the growth rate of chemical

industry’s output (measured in value terms) outperformed that of the manufacturing sector as �� -393�� !��$�� 7�� "� ��J�� !��$7��$��"� ��"� ��--J��% �� chemical sector’s output growth was more than doubling that of the manufacturing sector in 2011 �/`J$�� !�� -9J for manufacturing).

&K��"-39-��-39��"�� $7��chemicals (measured in volume terms) were far lower compared to the manufacturing sector in the same region. The lower growth rate of the chemical � ��-39-�� $�� +��+� �� of chemical production expansion in 2012. During 2010 and 2011, the GCC chemical industry’s !��!�� '!�� 9/HJ��93J� ��+��+� �� ! �� "� ��{9Jgrowth in 2012.

&��!��"��"�� !��-39��$�� !� +"��economic meltdown level of 2008 (2.2 times higher). The recovery in the GCC chemical industry proved powerful and depicted an encouraging trend. The recovery in the manufacturing sector was � ��!�� !�� -39�� 1.6 times higher only.compared to the level before the crisis of 2008.

�� '�(��$"�)��%��=�#��-�� ;��#��+�� -�� >�7�� -�� -��&��

Chemicals YOY growth performance against total manufacturing

2008 2009 2010 2011 2012 2013

ManufacturingChemicals

19%19%

-8%

-12%

33%

22%

47%

21%

4%

10%6%

15%

7.1. Chemical industry growth versus total manufacturing growth

6� 7�� -39�+:��;:�"�� <� ��`

66

The GCC chemical industry outpaced theglobal industry in term of the productioncapacity expansion 7�� !��"� ��93/J! �year over the past decade, triple that of the global industry, which recorded an average growth rate of �9J! �� "�� ! ��

Looking at the different industry segments, the7��!�� "� ��"� ��7��$9/J!�� "�� !��"� ��{J�� 7��! �� "� ��"� ��99J��$�� "� ��of the global industry. Comparing agrochemicals/�� $ ��* �!�� 7��@��!��growth rate was triple that of the global industry: 6� 7�� 7��$I`J��{J$�� global counterpart.

Global chemical production during the period of -33`+-39��"�� !�� -39�� "��"� ��93J��!�� !� +�� $-33`6� ��+�� demonstrated the strongest recovery with production � � ��-39�� "�3J�� -33`� � �_�contrast, the organic chemicals have followed a less !�� !�� -39�� "/�J�� -33`� � ��

The GCC industry showedcased a much more positive picture with the chemical production level ��-39�� "`/J�� ! �%� � ��$-33`

Plastic resins are still the leading segment, with !�� -39�� "� ��-33`��"��$�� * �� 7��!��"��"��7��$9--J�� -33`�� "��chemicals were the only industry segment which registered a negative growth in 2008 compared to 2007.

Source: GPCA, ACC, 2014�� =�#��;�� +��

GCCWorld

World and GCC Production Growth by Product Segment, CAGR (2003 - 2013)

2.4

SpecialtyChemicals

PlasticResins

Organic Chemicals

AgriculturalChemicals /MainstreamFertilizers

Inorganic Chemicals

Chemicals(excl Pharmaceuticals)

31.5

3.6

14.0

2.9

11.1

3.6

9.7

2.54.0 3.1

10.4

6� 7�� -39�+:��;:�"�� <� ��`

7.2. Chemical industry contribution to total manufacturing: GCC versus the global industry

67

2007 2008 2009 2010 2011 2012 2013

Chemicals (excluding

Pharmaceuticals)

100.0 99.6 91.8 102 105.2 106.8 109.7

Agricultural Chemicals 100.0 100.7 98.8 107.4 109.5 116.6 119.6

Inorganic Chemicals 100.0 100 89.3 99.4 102.6 104.8 106.3

Organic Chemicals 100.0 99.5 89.2 101.6 104.7 103.2 104.3

Plastic Resins 100.0 98.7 91 103.6 105.4 108 112.4

Specialty Chemicals 100.0 99.9 93.2 101.3 104.2 106 106

Source: American Chemistry Council, 2014

Global Production Index by Product Segment

(Index 2007=100)

GCC Production Index by Product Segment

(Index 2007=100)

6� 7�� -39�+:��;:�"�� <� ��`

2007 2008 2009 2010 2011 2012 2013

Chemicals (excluding

Pharmaceuticals)

100.0 110.1 129.0 146.2 158.6 166.6 173.4

Inorganic chemicals 100.0 97.9 108.4 111.7 111.7 111.7 126.0

Plastic Resins 100.0 105.1 145.7 170.7 176.3 195.9 199.6

Mainstream Fertilizers 100.0 101.8 107.3 112.8 152.0 168.7 177.3

Organic Chemicals 100.0 117.5 138.9 163.9 168.5 173.8 180.0

Specialty Chemicals 100.0 100.0 100.0 100.0 136.1 136.1 190.7

Source: Gulf Petrochemicals and Chemicals Association (GPCA), 2014

68

Global Chemicals Production Growth by RegionCAGR (2003 - 2013)

GCC Asia+��

Africa and Middle East

LatinAmerica

Central and Eastern Europe

10.4%

NorthAmerica

WesternEurope

6.5%

5.3%

2.6%2.1%

1.3%

0.0%

Total Global Output (Excl Pharma), 3.1%

LatinAmerica

-0.1%

Central andEastern Europe

-0.7%

Global Chemicals Production Growth by Region2013 Year-On-Year Growth

Asia+��

GCC Africa andMiddle East

NorthAmerica

WesternEurope

5.3%

4.1%3.9%

1.3%

0.5%

Total Global Output (Excl Pharma), 2.7%

Rapid growth in Asia and the GCC has had profound impact on the global chemicals industryOver the past decade, global chemical output "� ��9J! �� " ��"��in the GCC and Asia. The GCC chemical industry ranked top of the all other regions, with a growth �$93/J! �� "�� '�� "�� ${HJ! ��$�� $��;#�� "�� '��"�� 7�� "��$H�J

��-39�� "�� !�� '��"!�� -`Jover the previous year, led by Asia and GCC.

Source: GPCA and ACC Analysis, 2014��;�� ?@��=#��#�� -��HJK��-��#��;��; ��-��#��

Source: GPCA and ACC, 2014

7.3. Chemical industry growth trendsby product segment: GCC versus the global industry

6� 7�� -39�+:��;:�"�� <� ��`

69

70

The chemical industry contributes to nearly 2% of GDP in top 15 producing nations (2013) The chemical industry is the key sector of the economy contributing to the development of people, business and social environment over time. ��!!��"�� $�� and creating wealth.

Data show that the share of GDP represented by the chemical industry in top 15 nations of the world (based on chemicals added value) ranged from � ��H3J�� 3{J��6� ��" ��chemical producers, China and USA, registered �/J��9/J�$�� @��to the GDP respectively. An average contribution of chemical industry to the GDP for the listed 15 �� 9IJ

The GCC chemical contribution to GDP is farabove the average level of the top 15 nations��J��!�� 9IJ�

The chemical industry contributes up to 12.6% of manufacturing added value in top 10 producing nations (2013) An average contribution of the chemical industry to the manufacturing sector for the listed 10 �� 9-{J�� $�� chemical industry has evolved over time, through advancement in labor productivity and therefore its �� $��"�� "��than other more labor intensive industries.

The contribution of chemicals activity to the manufacturing sector in top 10 nations of the world (based on chemicals added value) ranged from �H-J�� 7�� "��`HJ��!��

7.4. The chemical industry growth trends by region: GCC versus the global industry

6� 7�� -39�+:��;:�"�� <� ��`

71

Top 15: Contribution of chemicals to GDP (% added value, 2013)

4.8%

3.7%

3.4%

3.3%

2.6%

1.5%

1.4%

1.4%

1.4%

1.2%

1.0%

0.9%

0.8%

0.7%

0.6%

Chile

Iran

China

GCC

Korea

India

USA

Brazil

Japan

Germany

Russia

Canada

Mexico

France

Italy 1.9%

Top 10: Contribution of chemicals to manufacturing (% added value, 2013)

35.2%

13.0%

12.2%

11.7%

10.7%

9.7%

9.3%

8.2%

8.1%

GCC

India

Brazil

USA*

China*

Canada

Korea

Russia

France

7.5%Japan*

12.6%

��6�;�� ;��#��5��-��#�� +��;��-�� L��*��8��$��$#��International, and GPCA analysis 2014

6� 7�� -39�+:��;:�"�� <� ��`

72

Section 8GCC chemical trade

`�

The GCC posted a record 66.1 million tons in chemical exports, yet petrochemicals continue to dominate #�� $�� "�� GCC chemical industry was spurred by the export markets and increasing demand. The volume of �� '!��-39�� {{9�� -33�� }� �a ten year period, GCC chemical exports grew ��IJ! �� ! �� $��{�/J�$�� '!�� "them, polymers have experienced a dramatic "�� $99�J! �� %��"�� '!��9^H��-39��$�� commodity thermoplastics.

K ��$��$ ��* �� $� �$ ��* ��export from the GCC. Over the past decade, GCC $ ��* �� '!�� !� �� $�� "9^/��-39�� !� � ��-`^J�$�� '!��

�� $"��$ ��" �#��'��%

�� $"��$ ��" �#��'��%

GCC Chemicals ExportMillion Tons

27.932.1

38.739.4

55.0

66.1

2003 2005 2007 2009 2011 2013

9%

GCC Chemicals Exports by Product Segment2013 (Total: 66.1 million tons)

33.9%Basic Inorganics

Fertilizers27.8%Petrochemicals

63.4%

Basic,Intermediatesand DownstreamChemicals

35.3%

Polymers 28.1%

0.05% Industrial Gases

1.9% Specialty ChemicalsConsumer Chemicals 0.8%

6.1% Inorganic Chemicals

8.1. GCC chemical export by product segment

6� 7�� -39�+:��;:�"�� <� ��^

Specialty chemicals and consumer chemicals, although high value products, represent a minor share in GCC chemicals exports accounting for9IJ��3^J��"��

74

GCC Chemicals Export$US billion

8.014.8

21.322.2

44.8

54.621.2%

2003 2005 2007 2009 2011 2013

GCC Chemicals Exports by Product Segment2013 (Total: US$ 54.6 billion)


Petrochemicals

81.2%


35.4%

45.8% Polymers

11.4% Fertilizers


3.8% Specialty ChemicalsConsumer Chemicals 1.4%


GCC foreign trade in chemicals mounted to a record high of $US 54.6 billion in 2013 6� 7�� from trade opportunities. The industry posted record '!��$F��H/{��-39�� !� � ��!� �� '!��"��$��7�-9-J��"�� !��93� ��-33�+-39��

The sectorial analysis of GCC exports performance provides the following results:

7��!�� '!��-39�� F��-H��$��/H^J�$�� '!��value terms. Polymer exports saw the highest growth rate among other product segments with exports of !��!��$��"��"��-H^J��"the past decade.

Within the basic inorganics segment, the bulk of the 7�� '!��!�� $$ ��* ��K� �� $$ ��* �� '!�� "�� $�� -39��$ ��* �� $��99/J�� $�� "��$9I`J! �� -33��one of the highest among other products.

GCC countries have exported $US 2.1 billion worth of �! �� -39��$��IJof global exports. While at present they represent only �� '!��"��$��7�93`J! �� -33��-39�� "focus of the GCC countries on production and export of specialty chemicals.

�� $"��$ ��" �#��'��%

�� $"��$ ��" �#��'��%

6� 7�� -39�+:��;:�"�� <� ��^

75

GCC Chemicals ImportMillion Tons

6.3

9.0 9.4

11.8

15.7

18.311.2%

2003 2005 2007 2009 2011 2013

GCC Chemicals Import by Product Segment2013 (Total: US$ 18.3 billion)


18.5%

Inorganic Chemicals 47.4%

Polymers 17.3%

Fertilizers 1.9%

Industrial Gases 0.7%

4.2% Consumer Chemicals


50%Basic Inorganics

Petrochemicals

35.8%

The GCC imported 18.3 million tons of chemicals in 2013, the majority of which are intermediate products ��-39�� 7�� !�� 9^��tons of chemicals, which represent an average "��$99-J! �� !�� Notably, most of the GCC chemical imports are intermediate products used by various industries: inorganic chemicals, petrochemicals and industrial gases. Products of inorganic chemistry historically represented the lion share of up to half of the overall import volume. Underdeveloped specialty and consumer chemicals market in the region continue to provide import opportunities for overseas producers. The majority of the 1.8 million tons of imported specialty chemicals �� ;!�"� ��$�� !��;��%�

Source: GPCA and ACC, 2014

�� $"��$ ��" �#��'��%

6� 7�� -39�+:��;:�"�� <� ��^

76

GCC Chemicals ImportMillion Tons

4.9

8.510.1

13.2

20.2

23.116.7%

2003 2005 2007 2009 2011 2013

OtherPetrochemicals

GCC Chemicals Import by Product Segment2013 (Total: US$ 23.1 billion)

0.9% Fertilizers


16.3% Inorganic Chemicals22.2%

Polymers 27.8%

25.0% Specialty Chemicals

Petrochemicals

49.9%

Consumer Chemicals 7.4%


Nearly half of the GCC chemical imports are represented by high value specialty chemicals and polymers ��-39��7�� !�� FH^��worth of specialty chemicals, which represents -HJ�$�� !��6� ��$imported specialty chemicals are sourced from Europe, followed by Asia and North America. _ �� -33��-39�� 7��!��$�! �� "� ��9�HJ! ��F-�9��

Polymer imports to the GCC stood at US$ 6.4 ��-39��$��-`^J�$�� GCC chemical imports. About one third of polymer ��!��7��+� "�� third imported from Asia followed by Western Europe �� $��-�J

��(�� (��&<��(�� $"��$ ��" �#��'��%

�� $"��$ ��" �#��'��%

8.2. GCC chemical import by product segment

6� 7�� -39�+:��;:�"�� <� ��^

77

GCC Chemicals Export by OriginMillion Tons

9%

2003 2005 2007 2009 2011 2013

66.1

55.0

38.739.432.1

27.9

Saudi Arabia Qatar Oman Kuwait UAE Bahrain

2.5

7.0

1.2

4.1

10.0

35.8

1.5

5.0

1.23.5

9.0

34.8

1.43.4

1.02.6

4.1

26.0

1.04.4

1.12.4

6.0

24.5

0.90.9

1.12.63.9

22.7

0.91.12.7

2.8

20.5

GCC Chemicals Export by Origin2013 (Total: 66.1 million tons)

1.8% Bahrain

54.1% Saudi Arabia

UAE 3.9%

Kuwait 6.2%

Oman 10.5%

Qatar 23.5%

Saudi Arabia continues to be the largest chemical exporter in the GCC, although �� during the last ten years ��j��$�� `HJ�$�� 7��@�� '!��-39�

Saudi Arabia is the largest chemical exporter in the 7�� !� � ��H/J�$�� "��@�� Saudi Arabia continues to be the leading regional '!�� $�� "��!! �� !�� $��`�J��-33��H/J��-39�6�� to the export growth from other GCC countries, ��j��}�� !� � ��" �� $��7�� '!��-39�.j�� " �� '!�� $�� -�HJ�� !�� '!��%��"!�� !�� j��@�� '!��"� ��9^HJ! �� !�� j��@�� 7��

�� $"��$ ��" �#��'��%

�� $"��$ ��" �#��'��%

chemicals export has doubled over the past decade. Oman showed a similar performance and contributed ��93HJ�$��7�� '!��-39�

8.3. GCC chemical export destination by country

6� 7�� -39�+:��;:�"�� <� ��^

78

GCC Chemicals Import by CountryMillion Tons

8.4%

2003 2005 2007 2009 2011 2013

18.315.7

9.411.8

9.08.2

1.0

1.8

0.6

1.7

5.1

8.2

0.9

1.3

0.5

1.7

4.3

0.7

2.0

1.2

0.5

0.7

1.3

3.8

1.70.5

0.6

0.7

3.2

5.1

1.40.3

0.5

0.2

2.7

3.8

0.2 1.20.2

1.91.8

3.0


GCC Chemicals Import by Country2013 (Total: 18.3 million tons)

3.3% Kuwait

45.0% UAE

Bahrain 4.9%Qatar 9.1%

Oman 10.0%

Saudi Arabia 27.9%

Chemical imports by the UAE and Saudi Arabia more than doubled in the past ten years, and account for nearly 75% of total GCC chemical imports Over the past decade, GCC chemical imports have �� "9^��-39�� " �� !�� 7��-39��!�� ^-�� !� � �� /HJ�$�� 6� ��$imports were inorganic chemicals from Asia.

Saudi Arabia is the second largest chemicals ��!�� "��-^J�$�� "��@�import volume. Like the UAE, the majority of imports is comprised of inorganic chemicals imported from Asian countries.

6� ��*��$�� contributed largely to the positive development of chemical imports in these two countries over the past 10 years. The UAE and Saudi Arabia �� `�J�$7�� !��-39��!$��H^J��-33�

�� $"��$ ��" �#��'��%�

�� $"��$ ��" �#��'��%

8.4. GCC chemicals import by country

6� 7�� -39�+:��;:�"�� <� ��^

79

CCCGCC

Middle Eastttstle EasttttssledlellddlddddddddddiMi13 countriesesuntrieiesrittttuoo1

CCentral & EasternEurope

22 countries

Asia32 countries22 22222233AfricaaricarAfrAfrf

54 countrieesuntrieuntcou4 cou455

nLatinAAmericaA

36 couountriescou36

NorthAmericaAmericaAmericaa

3 countries

WesternnnEuropeee

26 countriesesntriet

In 2013, GCC chemicals producers exported to more than 180 countries worldwide Over the past decade, global chemical output grew ��9J! �� " ��"�� GCC and Asia. The GCC chemical industry ranked ��!�$�� "��"��$93/Jper year with Asia being the next in line with a "�� ${HJ! ��$�� $��;#�� "�� '��"�� 7�� "��$H�J

�� $"��$ ��" �#��'��%�

��-39�� "�� !�� '��"!�� -`Jover the previous year, led by Asia and GCC.

8.5. GCC chemical export by destination

6� 7�� -39�+:��;:�"�� <� ��^

Top 10 Export Destinations

USA

India

Thailand

Australia

South Africa

South Korea

China

Brazil

Pakistan

Bangladesh

80

�� $"��$ ��" �#��'��%�

GCC Chemicals Exports by Major Regions and Countries2013

Others28%

Ukrainkrai8%8%

EstonEstonia9%

Poland55%

Central and Eastern Europe0.5 million tons

LebanonLeLebaaaannonnoonnonn12%12%%

OthersOthersOthers1115%

Yemen15%

danJordandan58%

Middle EMMidMiddldledlele Edle East1.5 million tons1 5.51.555 mimillillioon toon tonsons

OthersO hersrs41%%%

Singapoore9%9%

China28%

India22%

Asia39.5 million tons39.5 million 3

Moroco12%

Egypt15%

Others49%

South Africaou24% 24

Africacaa5.4 million tonstononsnss

Panama8%8

Peru49%

Others17%

Brazil70%

Latin AmericaLLat n Ametin Ameeriicmeric2.2 million tonsio2 m mill n tmillion tons

USAA97%

North AmericaNorth Americaon tons3.2 million tons

Others39%

Netherlandstherland11%1

Belgium26%

TurkeyTTTurkey24%224%

Western Europe7.9 million tons

81

The largest export market for GCC chemical producers is Asia, accountingfor nearly 60% of total exports ��-39�� 7�� '!�� IH��$�� accounting for the largest share. Development of the manufacturing sector in China has boosted its demand for raw materials, including chemicals. As a result GCC chemicals exports to China grew by ��9�J! �� !�� "��$7�� '!��"� ��9/J! �� "$ ��* ��

�� $"��$ ��" �#��'��%

GCC Chemicals Export by Destination2013 (Total: 66.1 million tons)

GCC Chemicals Export by Economic Blocks2013 (Total: 66.1 million tons)

Asia

59.7%Western Europe

12.0%

Africa

8.1%

GCC

6.0%

North America

4.8%

Latin America

3.3%

Middle East(Excl GCC)

2.2%

Central & Eastern Europe

0.8%Others

3.0%

APEC

45.0%SAPTA

16.4%

EU

9.3%

ASEAN

8.0%

GCC

6.0%

NAFTA

4.8%

MERCOSUR

2.4% ANDEAN

0.3%

CEFTA

0.5%

Others

7.3%

Western Europe is the second largest export market $�� 7�� $��9-J�$ '!��volume, or 7.9 million tons. The EU economic block is the major important trading partner for the GCC in Western Europe.

� "��*��$�� 7��the rise. Over the past decade exports within the 7�� "��"� ��9�J! �� -39�� $��{J�$�� '!��

82

��for GCC chemical producers Asia has traditionally been the largest export market for GCC chemical producers, representing more ��$�$�� 7�� '!�� -39��the value of the GCC chemical export to Asia is �� F��3`�� $��

Western Europe is the second largest export destination for the GCC chemical industry. GCC

�� $"��$ ��" �#��'��%

�� '!��! �� F��^��$��9H-J�$�� 7��chemical export to Latin America and Central and �� ! �� "� ��"��$��H/J��//J! �� "��

:��+7�� '!��$��^/J�$��7�� '!��-39��!$��`/J��-33-6� �� GCC members has multiplied by 8.6 times over the � ��-33-+-39�

GCC Chemicals Export by Destination2013 ($US 54.6 billion)

GCC Chemicals Export by Economic Blocks2013 ($US 54.6 billion)

Asia

56.3%Western Europe

15.2%

Africa

9.0%

GCC

8.4%

North America

2.7%

Latin America

2.0%

Middle East(Excl GCC)

3.7%

Central & Eastern Europe

1.4%Others

1.2%

APEC

43.0%SAPTA

13.3%

EU

11.9%

ASEAN

7.4%GCC

8.4%

NAFTA

2.7%

MERCOSUR

1.2% ANDEAN

0.4%

CEFTA

0.8%

Others

10.8%

8.6. GCC chemicals import by origin

6� 7�� -39�+:��;:�"�� <� ��^

^�

6� 7�� -39�+:��;:�"�� <� ��^

Key contributors to the growth of the GCC chemical trade balance are the fertilizer and polymer industry segments.

With positive growth over the past decade, the GCC industry achieved a record chemical trade surplus in 2013 Over the past decade, the GCC chemical industry demonstrated a consistent growth in trade surplus, ��"� �$��-9{��-33��/`^��-39�6�� 7��$^�J��"��! ��

�� $"��$ ��" �#��'��%

Trade Balance ExportImport

GCC Chemicals Trade BalanceMillion Tons

21.6 23.129.327.5

39.347.8

2003 2005 2007 2009 2011 2013

2003 2013

20.0

10.7

15.4

5.4

18.0

6.6

-0.1 -1.2

-4.6

-0.2 -0.6 -0.3 -0.3BasicIntermediates& Downstream

Chemicals

Polymers Fertilizers

IndustrialGases

InorganicChemicals

gg SpecialtyChemicals

p yp y ConsumerChemicals

GCC Chemicals Trade Balance by Product SegmentMillion Tons

8.7. GCC chemicals trade balance by product segment

84

Saudi Arabia and Qatar are the largest contributors to the chemical trade surplus As the GCC’s largest chemical producer, Saudi Arabia has enjoyed the highest positive trade �� "��-39��@�� 3`��

�� $"��$ ��" �#��'��$��%

6� � ��" ��!�� "��j��was posting a positive trade balance over the past � �� -39�� 9�I�� !�� !� � �� -IJ�$region’s total.

GCC Chemicals Trade Balance by CountryMillion Tons


9.2%

2003 2005 2007 2009 2011 2013

3.55.15.1

13.9

30.7

-5.7

3.03.63.6

7.3

30.6

-5.4

2.12.22.23.4

24.8

-2.3

1.83.93.95.4

21.3

-4.2

2.20.60.6

-1.9-1.9

3.6

20.0

2.23.6

20.0

-2.9-2.19

8.8. GCC chemical trade balance by country

6� 7�� -39�+:��;:�"�� <� ��^

85

86

6� 7�� -39�+:��;:�"�� <� ��^

�� !� major regions and economic blocks

GCC Chemicals Trade Flows with Major Geographic Regions

Western EuropeExport: 8.0 million tonsImport: 1.8 million tons

Central and Eastern EuropeExport: 0.5 million tonsImport: 0.3 million tons

AfricaExport: 5.3 million tonsImport: 0.4 million tons

Middle East (excl GCC)Export: 1.5 million tonsImport: 0.7 million tons

alssGCC Chemicaltrade balance

477.8 million tons

World TotalExport: 66.1 million tonsImport: 18.3 million tons

AsiaExport: 39.5 million tonsImport: 9.2 million tons

North AmericaExport: 3.2 million tonsImport: 0.8 million tons

Latin AmericaExport: 2.2 million tonsImport: 0.6 million tons

GCC Chemicals Trade Flows with Economic Blocks

EUExport: 6.2 million tonsImport: 1.8 million tons

SAPTAExport: 10.9 million tonsImport: 1.4 million tons

CEFTAExport: 0.3 million tonsImport: 0.1 million tons

MERCOSURExport: 1.6 million tonsImport: 0.5 million tons

ANDEANExport: 0.2 million tonsImport: 0.003 million tons

World TotalExport: 66.1 million tonsImport: 18.3 million tons

alssGCC Chemicaltrade balance

477.8 million tons

APECExport: 29.8 million tonsImport: 8.5 million tons

ASEANExport: 5.3 million tonsImport: 0.6 million tons

NAFTAExport: 3.2 million tonsImport: 0.8 million tons

87

GCC is emerging as a global player in trade for a number of commodity chemicals 6 �!��$�� `3J�$�� 7��chemicals export and each of these products has �� "�� "�� exports for that particular product. Within the polymer products segment, the GCC accounts for more than one third of the global LLDPE and LDPE '!�� $�$�� "��KL��PP exports.

�� $"��$ ��" �#��'��$��%

}� �� 7��$��/J�$"�� '!��volume for the top eight chemical products. The GCC �� #�7� !� � �� " �� ${9J�$�� KL�� $��H`J��-39�

GCC Rest of the World

39%61%

43%57%

47%53%

63%37%

67%33%

68%32%

71%29%

88% 18.2mt

25mt

44.6

4mt

8mt

9.8mt

9.8mt

9.4mt

12%

Monoethyleneglycol(MEG)

Polyethylene(HDPE)

Polypropylene(PP)

Polyethylene(LLDPE)

Polyethylene(LDPE)

Urea

Methanol

Ammonia

GCC Share in Global Export by Product2013

6� 7�� -39�+:��;:�"�� <� ��^

8.10. GCC share in global trade of major products

88

Section 9Employment in the chemical industry

89

The GCC chemical industry is a large employer, creating about 148,900direct job opportunities in 2013 Chemical companies in the GCC region employed a ��$$�$9/^�I33! �!� ��-39�6�� !� � ��{3J�� !�� -33I�� !�� I��-33! �!�

��-39�� 7�� @� �!�� increased by an additional 10.2 thousand people ��!�� -39-� � �6�� !� � ��`/J�� +��+� ��6� ��" ��contributors to these positive developments are ��`9J��j��9/^J��$�� }��I-J��|��/J��_��9{J�

Saudi Arabia remains the largest employer, retaining H{J�$�� "��%$�� ^��^33 �!�� -33I�� chemical industry’s employment in Saudi Arabia "� ��7��$9�`J! �� "� �than the overall GCC industry’s workforce growth during the same period.

��(�� #�� R�%��(�($�<�+R�Source: National statistical authorities, UNIDO, GPCA, 2014

Source: Nationala statistical authorities, UNIDO, GPCA, 2014

�� '!��j�� !�� "� ��9I�J! �� !�� "� ��"�� 7�� -39��j�� !�� !�� 11,100 people.

The United Arab Emirates is the second largest employer in the chemicals sector with more than �^�933 �!�� !� � ��-^J�$�� region’s total. With an employment growth rate of 93J! �� one of the fastest growing employers.

Employment in the GCC Chemicals Industry(thousands)

Saudi Arabia KuwaitUAE BahrainQatar Oman

2009 2010 2011 2012 2013

6.2148.9

9.6

2.2

7.3

38.1

83.8

6.1138.7

9.6

2.06.3

38.1

76.5

5.8117.2

7.0

1.95.5

38.1

58.8

5.5102.9

5.1

1.94.8

31.5

54.1

5.481.6

5.5

2.04.2

26.0

50.2

12.4%

GCC Chemicals Employment by Country2013

GCCBahrainKuwaitOmanQatarUAESaudiaArabia

148.9(100%)

2.2(1%)

6.5(4%)

7.3(5%)11.1

(7%)38.1(26%)

83.8(56%)

9.1. Total employment

6� 7�� -39�+:��;:�"�� <� ��I

90

Every job created in the GCC chemical industry indirectly creates 3 more jobs in other sectors of economy �� !�� " � �� exceeds its direct employment.

�� 7�� !�� 9/^�I33! �!� ��-39�� "��!�� $�� !!�� by the chemical industry are estimated at 446,800 jobs. Therefore, total employment generated by the chemical industry (direct and indirect jobs) is estimated at around 595,700 people.

�� #��$"�)��%

�� #��$"�)��%

Total Chemicals Related Employment in 2013(thousands people)

Direct Employment Indirect Employment Total ChemicalRelated Employment

148.9

446.8 595.7

9.2. Breakdown of industry employment: direct and indirect

Construction

Business Services

Financial Services

Private andPublic Services

CommunicationsLogistics

Mining

Agriculture

Utilities

GCCChemicals industry

(direct and indirect jobs)

595,700

6� 7�� -39�+:��;:�"�� <� ��I

91

Employment growth in the GCC chemical industry is higher than in other parts of the world Given that the GCC chemical industry is on a consistent expansion drive, the industrycontinues to create both direct and indirect employment opportunities

About 20 million people had been employed in the global chemical, pharmaceutical and rubber and tire industries. Employment in the global production of chemicals (excluding pharmaceuticals) is estimated at about 9 to 10 million people, with the GCC representing about 9HJ�$��"��

��"�� "�� * ��! �� !�� !� � ��large share of employment in chemicals industry, �� $��% �� #�� 7�� !�� has been dramatic. These markets have added chemical industry direct jobs faster than in other �� !�� $9-/J! �� 7��HIJ��/-J�� IJ��#��

9.3. Comparison of employment: GCC vs. global industry

6� 7�� -39�+:��;:�"�� <� ��I

Top Employers in Chemicals Industry*2013 (thousands)

6,061

148.9

58

60

61

78

80

85

85

86

92

104

105

108

108

111

149

154

180

243

271

325

381

516

623

GCC

Italy

Ukraine

South Korea

United Kingdom

Spain

Poland

Turkey

Egypt

South Africa

Mexico

Vietnam

Malaysia

Canada

Iran

China

India

United States

Russia

Germany

Brazil

Japan

Indonesia

France

Thailand

��$#��T�� #�� $� ��=��#��#��@��#� ��-�� $��#��%

92

Employment Growth in Chemicals Industry of Selected Economies*CAGR (2009-2013)

12.4

1.5

-3.2

-1.8

-1.0

-1.0

-0.9

-0.2

-0.2

-0.1

0.7

0.9

1.1

1.4

1.9

2.4

2.9

3.0

3.3

3.9

4.2

5.9

India

United Kingdom

Spain

Poland

Egypt

South Africa

Mexico

Iran

GCC

China

United States

Russia

Germany

Brazil

Japan

France

Thailand

Indonesia

Malaysia

Canada

Ukraine

Turkey

South Korea

Vietnam

Italy

2.9

0.7

��$#��T�� #�� $� ��=��#��#��@��#� ��-�� $��#��%

I�

Manufacturing Type Service Type

51% 49%

55% 45%

67% 33%

70% 30%

20%80%

70% 30%

GCC Chemicals Employment by Occupation type2013 (thousands)

Manufacturing Type Service Type Total

94.9(64%)

Oman

Qatar

Kuwait

Saudi Arabia

Bahrain

UAE

148.9(100%)

53.9(36%)

GCC Chemicals Employment by Occupation2013 (thousands)

TotalOthersSupplyChain

Sales &Marketing

AdministrationManufacturing

10.8(7%)12.5

(8%)8.7(6%)21.9

(15%)

94.9(64%)

148.9(100%)

Nearly two-thirds of the GCC’s chemical industry employment is related to manufacturing, while one-third isrelated to services The majority of the GCC’s chemical industry employees are involved in the actual production !�� -39��$��"� �� ! �� $��{/J�$�� $ �!�� which translate into 94,900 people.

�� $"�)��;��V ��%

9.4. Employment in the GCCchemical industry by occupation

6� 7�� -39�+:��;:�"�� <� ��I

Chemical manufacturing companies increasingly �!��% ��+!��of service related occupations. They accounted for ��{J�$�� !�� H��I33! �!�

Within the service related occupations, administrative ��!!��!�� $��9HJ�$�� !�� $�� ;��% ��"�{J��!!��!��$ ��^J�

��7�� -�� -��-�� -�� R��+�� <X��8��+��+�� R�� $"�)��;��V ��%

94

The GCC chemical industry is the 4th largest industry in terms of employment and it employs 8% of the total manufacturing workforce Employment represents part of the industry’s social contribution to the GCC economy. The GCC chemical industry is the 4th largest industry in � ��$ �!�� !��^J�$�� manufacturing workforce.

��$�9�J��$��"�� !� � ��^J�$the total number of employees in the manufacturing sector. This means each person employed in the chemical industry creates one of the highest value added among other sectors.

�� #��'�(��$"��%

2013

ManufacturingOtherIndustries

Rubber &Plastic

P d

ChemicalsFood &Beverage

Non-MetallicMineral

P d

FabricatedMetal

P d

1,793(100%)

574(32%)

125(7%)149

(8%)279(16%)

329(18%)

337(19%)

6� 7�� -39�+:��;:�"�� <� ��I

GCC Manufacturing EmploymentTop 5 Industries (thousands)

9.1%

2009 2010 2011 2012 2013

1,7721,614

1,3651,2571,187

Other industries Rubber &plastic productsChemicals

Food &beverages

Non-metalicmineral products

Fabricatedmetal products

104.3

279

574

148.9

329

337

95.7

254

529

138.7

294

303

76.9

207

466

117.2

240

259

70.8

194

439

102.9

215

235

68.0

177

420

63.2

211

217

�� #��'�(��$"��%

9.5. Employment in the GCC manufacturing and chemical industry

95

Workforce nationalization among GCC chemical companies remained at 56% in 2013, with the highest levels achieved by Bahrain and Saudi Arabia #�� $�$�� !�� "� �� * ��:�"�� $��}��Saudi Arabia, Bahrain and Kuwait reveal that more than half of the employees working in major �� "� �� * ��

Source: GPCA Questionnaire, 2014

GCC Workforce Nationalization in Chemicals Industry by Country

Workforce NationalizationGPCA Members, 2013

83%

56%

57%

60%

63%

18%

23%

Bahrain

Saudi Arabia

Kuwait

Oman

GCC

UAE

Qatar

Workforce NationalizationGPCA Members, 2012

75%

56%

58%

61%

63%

19%

23%

Bahrain

Saudi Arabia

Kuwait

Oman

GCC

UAE

Qatar

9.6. Workforce nationalization in GCC chemical industry

6� 7�� -39�+:��;:�"�� <� ��I

��%$�� *��_��-39�� "� ��^�J��{�J� �! �� |�� !�� @ �!�� $�� {3J�$�� %$�� -39��$�� }�� %$�� *��H`J��-39�

96

Companies in the chemical industry typically have high labour productivity because of leading-edge manufacturing technologies Labour productivity in the GCC chemical industry �� "��"�� " �� $/-J� �� -33`��-39��$�� 3{J��productivity rate recorded by the GCC manufacturing sector during the same period.

�� '�(��" �#��$"�)��%�� +��-�� +�� ;� �� R

�� '�(��" �#��$"�)��%R�� +��-�� +�� ;� �� R

2007 2008 2009 2013201220112010

GCC Employee Productivity Index, Chemicals & Manufacturing(2007 = 100)

100.0

100.0105.9

88.5 96.8110.4

103.0 103.6

103.0 100.0 108.5

138.8

123.2128.2

GCC Labour Productivity (LP, Chemicals/Manufacturing)

2.1 2.1

2.4 2.4

2.62.5

2.6

2007 2008 2009 2010 2011 2012 2013

AverageService Type

Labour productivity in the GCC chemical industry has been following an upturn trend during the past ��'� ��!�� !�� !�� 7��$��"� �� during the same period. The chart below illustrates clearly the productivity trend for each sector over the outlined time span.

Labour productivity in the GCC chemical industry was 2.4 times higher on average compared to the ��7��$��"� �� -33`+-39�6�� %�� workforce developed and retained by the GCC chemical industry.

9.7. GCC labor productivity:chemical industry vs. manufacturing sector

6� 7�� -39�+:��;:�"�� <� ��I

97

9.8. Payroll generated by the GCC chemical industry versus manufacturing

Labour Cost per Employee, GCC Chemicals IndustryIndex (2008 = 100)

100

118

2008 2009 2010 2011 2012 2013

103105

1131153.3%

Labor cost per employee in the GCCchemical industry grew faster than in the manufacturing sector �� !�� ~�� better paid than the average earning of employees in �� $��"� ��6� ��"��"��tool to attract fresh and young talent to work for the GCC chemical industry. Personnel costs for the GCC �� -3+-HJ��"� ��average in manufacturing sector.

�� #��'�(��$"��%

Labor costs in the GCC chemical industry increased ��J�� !�� "� ��3IJin manufacturing industry overall during the same ! ��-39��! � �!�� 9^J��"� ��!�� years ago. At the same time, cost per employee in �� $��"� ��HJ��"� �

6� 7�� -39�+:��;:�"�� <� ��I

98

Section 10GCC petrochemicals industry sales revenue

99

GCC Chemicals Sales Revenue by Country and Segment2013 ($US 89.4 billion)

Saudi Arabia

74.9%

Oman

3.9%

Qatar

12.9%

Kuwait

4.2%

UAE

3.7% Bahrain

0.5%

Chemicals

45%

Others

21%

PerformanceChemicals

1.0%

L��

6.0%

Fertilizers

8.0%

Basic Chemicals

8.0%

Polymers

11%

GCC chemical sales revenue reachedUS$ 89.4bn in 2013, driven by contribution of the chemical andpolymer segments Sales revenue of GCC chemical producers grew ��9-9J! �� -3936� ��"� ��performers over this period were UAE and Oman, �� "�� "��$�`9J��9I{J! �year respectively.

Saudi Arabia is the largest producer in the region �� $��`/IJ�$�� "��@�� sales revenue. This represents US$ 66.9 bn which ��H`J��"� �� !� �� j��producers have generated US$ 11.5 bn in sales � � �� -39��"��"��93{J� ��+��+� ��

�� -��#��$#��"��%�$$�$#��<�+�� ;��$� ��

�� -��#��$#��"��%

GCC Chemicals Industry Sales Revenue(2010-2013), US$ Billion

63.5

80.783.4

89.4

2010 2011 2012 2013

12.1%

10.1. GCC chemicals sales revenue by country

6� 7�� -39�+:��;:�"�� <� ��93

100

While the GCC accounted for only 2.1% of global chemical sales, it is the second fastest growing region in the world in 2013 _�� $�� global chemical sales revenue (excluding pharmaceuticals) is estimated at US$ 4,192 billion ��-39�� !� � ��H^J"��!�� !� �� 6� "��-39��driven by Asia, in particular by China. While China continued to be a major importer of chemicals, it is at the same time the largest producers globally. Chemicals sales of Chinese producers reached $US 9��I3��-39�� $��-J�$the world’s total.

While 2012 witnessed a decline in chemical sales � � �� "��-39��" ��!�� "�� 6� ��"� �� +��+� ��growth was observed in Asia where sales revenues �� 93�J��-39�� "�� "��$$US 2,405 bn. This represents more than half of the "��"��

�� 7�� $��-9J�$"��chemicals sales, it is the second fastest growing � "�� -39�� `�J� ��"F��Î��@��% �� H��" �� !�� -39�

While North America and EU remain the leading regions in global chemical production, growth of �� -39�� 9{J��9^Jrespectively.

10.2. Share of GCC chemicals in global chemical sales revenue

6� 7�� -39�+:��;:�"�� <� ��93

101

�� $��$#��(��%��$"�"��

GCC Chemicals Industry Sales RevenueUS$ Billion

GCC Chemicals Industry Sales Revenue2013 Total US$ 4,192 Billion

3,210

3,879 3,9624,192

2010 2011 2012 2013

9.3%

Asia

56.2%

Oceania

0.5%GCC

2.1%Western Europe

3.2%Latin America

4.5%

Africa

0.9%

EU28

16.3%

North America

16.4%

Sales 2012 (US$ bn)

Share % (2012)

Sales 2013 (US$ bn)

Share % (2013)

Delta Sales (2013 vs 2012)

Growth rate (2013 vs 2012)

Asia 2180 HH9J 2405 H`/J 224 93�J

North America 690 9`/J 701 9{`J 11 9{J

EU28 688 9`/J 700 9{`J 12 9^J

Latin America 202 H9J 191 /{J +99 +HHJ

GCC ^� -9J 89 -9J 6 `�J

Africa 40 93J �^ 3IJ +- +�IJ

� ��$�� 78 -3J 68 9{J +93 +9�-J

World �I{- 9333J 4192 9333J -�3 H^J

6� 7�� -39�+:��;:�"�� <� ��93

102

Section 11Number of chemical patents issued in the GCC in 2012

93�

Chemistry patents granted to GCC applicants grew by 21.5% over the past years �� %�� " has had a positive effect on innovative output. �� !�� $patents granted globally, shows a positive trend over �� !�� L�� ""� ��HIJ! �� globally since 2002, especially in the GCC where "�� -9HJ! �� "�� period. Globally, the chemical industry granted more than 200,000 patents per year, which accounts for �!!��'�� -3J��--J�$�� $patents granted in all sectors.

�� !�� L��! ��}�"��*��L}��"�� !�� $chemistry to applicants originated from the GCC and �� L�$�� "�� 9I��-39-�� !�� of patents issued worldwide in the corresponding � �� 7��$��39J�$�� patents granted.

�� L��(�� 5��.L(�/>��%

�� L��(�� 5��.L(�/>��%

�� "��! �� $�� more than a half of GCC patent grants were granted within Chemical Engineering, Organic :�� #�� ;L�� "�� #�� ;L�� _��#�� "� ��annual growth rates between 2006 and 2012.

Labour Cost per Employee, GCC Chemicals IndustryIndex (2008 = 100)

60

155

193

2006 2007 2008 2009 2010 2011 2012

59

35

116

13721.5%

Chemical Engineering

Materials, Metallurgy

Organic Fine Chemistry

Others

Macromolecular & Polymers

Basic Materials Chemistry

GCC Patent Grants in Field of Chemistry(2006-2012)

2006 2012

193 CAGR (2006-2012)

26

31

24

22

40

50

608

3

18

28

21.5%

67%

41%

22%

14%

10%

11.1. Number of chemical patents issued worldwide and in the GCC

6� 7�� -39�+:��;:�"�� <� ��99

104

New patent applications from the GCC scored a new record in 2012 ��-39-�� $!�� !!�� by GCC applicants exceeded the 400 mark for the �� $��"�� "��"�� !�� -39-�� $!�� !!�� /`-��$�� !�� "� �� $�� 6 ��9^J�� "�� "�9`J��_��#�� 9`J��#�� ;L�� 9�J��}�"��:�� 9�J�

�� !�� L}�7��!�� !!�� _��#�� 6 ��"�"� �$�� "��Jper year between 2006 and 2012. Biotechnology and #�� ;L�� !�� !!��"� �$�� -^J��-`J! �� ! ��

�� L��(�� 5��.L(�/��%

�� L��(�� 5��.L(�/��%

New Patent Applications in the Field of Chemistry, GCC

161

358

472

2006 2007 2008 2009 2010 2011 2012

232

280304

370

19.6%

Environmental Tech

Organic Fine Chemistry

Pharma

Chemical Engineering

Basic Materials Chemistry

Surface Tech

Macromolecular & Polymers

Biotech

Materials, Metallurgy

GCC Patent Applcations in Field of Chemistry(2006-2012)

2006 2012

472 CAGR (2006-2012)

47

6

84

81

79

62

59

1613

14

42

15

50

15

115

19.6% 6%

41%

28%

18%

27%

33%

8%

33%

13

30

9

""�#��'� ��+ chemistry worldwide and GCC

6� 7�� -39�+:��;:�"�� <� ��99

105

Global R&D spending in the chemical industry reached US$ 46.5 billion in 2013, which is a 1% decline in comparsion with previous years6� "�� "�� $$ �� ;K � ��!� ��While total chemical industry expenditure on �;K� �� -33I� � �"��"��% ��!��+|�� * �the opportunity to demonstrate their innovation ��!��_ �� -33^��-39�� continued to outperform developed countries �� $�;K�� ;Kexpenditure for the chemical industry grew by--J! �� 9�J! �� |�� This is the highest amongst all major chemical producing nations. �� ;K�� F/{H��-39��9J� �� !�� !� �� Companies in the European Union and United �� $��$�$��@��;K�! ��"��-39��F99��F93Hbillion respectively.

Japan dominates chemicals R&Dintensity in 2013 While the largest chemical producers in North �� * ��! ��"�� $�� ;K�� $��+�� @��;K�� 9I`J�$��@�� !��9{�J��-39��! @�� ;K�� !��% ��!�� $�� * �$��$�� "��manufacturing, and services sectors.

11.3. Research & Development investment

6� 7�� -39�+:��;:�"�� <� ��99

106

Top 15 Countries: R&D Chemicals Spending Intensity (% added value, 2013)

19.7%

16.3%

14.9%

7.7%

7.5%

7.5%

4.9%

4.5%

4.4%

3.9%

3.8%

3.7%

3.7%

3.7%

1.7%

0.6%

Spain

Switzerland

Belgium

Australia

GCC

Rest of the World

Japan

China

Germany

Korea

France

India

USA

UK

Netherlands

Italy

��

�� $��$#��%��$"�"��

World R&D Spending in Chemicals Industry(2008 - 2013) US$ Billion

2013 World R&D Spending in Chemicals IndustryUS$ 46.5 Billion

3.7%

38.736.2

45.5 46.7 46.5

2008 2009 2010 2011 2012 2013

38.7

EU-28

24.0%

USA

22.7%

Rest of world

3.0%

India

3.3%Korea

4.7%

Japan

17.3%

Australia

0.8%GCC

0.8% Taiwan

0.7%

Switzerland

1.0%

China

21.8%

�� $��$#��(��%��$"�"��

107

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AcknowledgementsGPCA secretariat extends thanks and appreciation for the following members for their close cooperation in sharing the data used to develop this publication:

Abu Dhabi National Chemicals Company (ChemaWEyaat)

Abu Dhabi Polymers Co. Ltd. (Borouge)

Advanced Petrochemical Company

CHEMANOL

EQUATE Petrochemical Company

Farabi Petrochemicals Company

Gulf Petrochemical Industries Company (GPIC)

NAMA Chemicals

National Industrialization Company (TASNEE)

National Petrochemical Industrial Company (NATPET)

;��;��'��+�� <��Company (ORPIC)

Petrochemical Industries Company (PIC)

Qatar Chemical Co. Ltd. (Q-Chem)

Qatar Fertilizer Co. (QAFCO)

QATAR FUEL ADDITIVES CO.LTD. (QAFAC)

Qatar Petrochemicals Company Ltd. (QAPCO)

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Ruwais Fertilizer Industries (FERTIL)

Sadara Chemical Company

Salalah Methanol Co.

Saudi Arabian Mining Company (Ma’aden)

Saudi Basic Industries Corporation (SABIC)

Saudi International Petrochemical Company (SIPCHEM)

S-Chem

ReferencesThroughout the report we sourced data from the following national and international statistical department and organizations:

American Chemistry Council (ACC)

Bahrain Central Informatics Organization

European Chemical Industry Council (CEFIC)

ICIS

International Fertilizer Association (IFA)

Kuwait Central Statistics Center

Kuwait Customs Department

Methanol Market Services Asia (MMSA)

Oman National Center for Statistics and Information

Qatar Statistical Authority

Saudi Arabia Central Department of Statistics and Information

Saudi Arabia Customs Department

Statistics Center Abu Dhabi

UAE Customs Department

UAE National Bureau of Statistics

United Nations Industrial Development Organization (UNIDO)

UN Statistics Division

World Trade Organization (WTO)

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Special thanksSpecial thanks for industry experts who have given their time and expertise to complete this report

Dr. Moncef Hadri, Chief Economist and Manager, European Chemical Industry Council (CEFIC)

Dr. Thomas Kevin Swift, Chief Economist and Managing Director, American Chemistry Council (ACC)

FeedbackFor more information and feedback on this report, please contact:

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The Gulf Petrochemicals and Chemicals Association (GPCA) represents the downstream hydrocarbon industry in the Arabian Gulf. Established in 2006, the association voices the common interests of more than 240 member companies from the chemical and allied industries, accounting for over 95% of chemical output in the Gulf region. The industry makes up the second largest manufacturing sector in the region, producing up to $US 97.3 billion worth of products a year.

The association supports the region’s petrochemical and chemical industry through advocacy, networking and thought leadership initiatives that help member companies to connect, to share and advance knowledge, � � �� #�� #��!�� !��#� ��petrochemicals industry.

Committed to providing a regional platform for stakeholders from across the industry, the GPCA manages six working committees - Plastics, Supply Chain, Fertilizers, International Trade, Research and Innovation and Responsible Care - and organizes six world-class events each year. The association also publishes an annual report, regular newsletters and reports.

For more information, please visit www.gpca.org.ae

Gulf Petrochemicals & Chemicals Association (GPCA) PO Box 123055 705/706 Aspect Tower Business Bay, Dubai, UAE T +971 4 451 0666F +971 4 451 0777>��Z��! [#��\ �#\��

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The GCC Chemical Industry 2013 - GPCA | The voice of the