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At present, Saudi Arabia has changed from a net importer of basic chemicals in the 1970s to one of the world's largest exporters. Its products are sold in more than 100 countries, accounting for 7% of global supply, and account for the production of basic chemicals of the Gulf Cooperation Council countries. 70%.
Founded in 1976, Saudi Basic Industries Corporation is one of the world's major petrochemical companies and ranks sixth among global petrochemical producers. In the past three years, the output of its petrochemical products has nearly doubled, and it has now accounted for more than 8% of the total sales volume of the top ten petrochemical manufacturers in the world.
All Saudi producers were initially attracted to cheap and abundant ethane. Between 1990 and 2007, Saudi olefins production capacity increased fivefold. At present, chemical projects with a total investment of approximately US$45 billion have started. Most of the projects are under construction, including Saudi Aramco’s investment in world-class Yebu National Petrochemicals and Dongfang Petrochemical’s olefin integration plant, and the construction of the world’s largest single-series petrochemical complex—Zay Kayan built in Jubail. Petrochemical company's integrated device.
Most petrochemical plants in Saudi Arabia are built in Jubail, Dammam and Yanbu. It is expected that SABIC and Kayan Petrochemical will jointly invest $8 billion to $10 billion in the construction of production facilities including ethylene cracking, ethylene glycol, high-density polyethylene, polypropylene and low-density polyethylene.
Saudi Petrochemical plans to continue expanding petrochemical production capacity
In the face of changes in the economic situation, the Saudi petrochemical industry has proposed a long-term development strategy and plans to continue to expand its petrochemical production capacity. Saudi Arabia will become the global production base for future basic chemicals. Due to the abundant reserves of oil and natural gas, Saudi Arabia has a clear cost advantage in participating in global competition. As a result, Saudi Arabia will continue to expand its base chemical production capacity even with global oversupply and high producer costs in other parts of the world. The chemical industry has experienced a difficult period of more than a year, and the global economic recession has caused heavy sales to its products. As the largest petrochemical producer in the Gulf region, Saudi Basic Industries Corp lost a total of 937 million liars in the first quarter of this year, and there are currently signs of earnings. Oil and gas production are the main economic pillars of Saudi Arabia. In 2008, the output value accounted for 27% of Saudi GDP. Saudi Arabia’s petrochemical output value has increased from 7% in 1998 to 9% in 2008.