2012 petrochemical outlook: Middle East
Most of the Middle Eastern countries are looking to expand further into downstream petrochemicals as opposed to exporting the building blocks.
Petrochemicals bounce back
Petrochemicals are used to produce durable and nondurable consumer products that improve the quality of life. Demand for petrochemical-based products is dramatically increasing in developing nations. Asia is responsible for much of this new demand. A growing middle class in both India and China will reshape demand patterns for all petrochemical and chemical products.
The petrochemical industry continues to follow cycles of expansion and contraction as more efficient production units put pressure on older facilities. While Asia remains the epicenter for growing demand, the Middle East continues to expand petrochemical capacity based on cost-advantaged feedstocks
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