Research and development (R&D) investments in the petrochemicals sector in the Gulf countries increased by 38 percent in 2015, said a report.
The report, issued by the Gulf Petrochemicals and Chemicals Association (GPCA), said that the value of the investments increased to SR729 million ($194 million) in 2015 compared to the previous year, representing the highest global investment in the field.
Abdulwahab Al-Sadoon, GPCA secretary-general, said that the petrochemicals sector would concentrate on innovative ways of production, marketing and supply.
Saudi Arabia’s National Transformation Program (NTP) 2020 envisages huge development of the petrochemicals industry.
“We are optimistic about the future of this industry given the goals of the Kingdom’s NTP 2020 and Saudi Vision 2030,” said Abdulrahman bin Saleh Al-Faqih, vice executive president of the Saudi Basic Industries Corporation (SABIC).
The NTP 2020 and Vision 2030 reform plan are partly aimed at bringing about an industrial revolution in the country. In this regard, Al-Faqih said that the role of the petrochemicals sector would be vital, as it would provide industries with the basic materials to compete internationally.
He said that the petrochemicals sector should concentrate more on specialist chemical materials, as it is considered a solution for sustainability problems.”