According to a recent report from *Chemical Weekly* in the U.S., Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (Sabic), highlighted during the European Petrochemical Industry Association’s annual meeting in Vienna that the global petrochemical sector is undergoing significant structural shifts, with a growing emphasis on Western markets. However, he noted that the East is becoming increasingly important due to the rapid expansion of petrochemical production in the Middle East and rising demand for chemical products in developing nations.
Al-Mady emphasized that Middle Eastern petrochemical companies are leveraging their abundant local raw materials to boost production capacity, aiming to meet the surging demand in Asia and other emerging economies. He pointed out that nearly half of the world's new ethylene production capacity over the next five years will be located in the Middle East, with one-third coming from Asia. By 2010, the Middle East is expected to account for approximately 20% of global ethylene production.
Despite the anticipated surge in new capacity in the Middle East and Asia before 2009, Al-Mady remains confident that these additions will be absorbed by the market. He believes that the strong growth in demand from developing countries—particularly China, India, and Brazil—will ensure continued market stability. These nations, with their large populations and expanding middle classes, offer substantial long-term opportunities for petrochemical producers.
In line with this vision, Sabic has announced plans to invest $20 billion over the next three years to expand its petrochemical operations. This includes major expansions in key areas such as ethylene, propylene, ethylene glycol, polyethylene, polypropylene, styrene, and methanol. The company is also exploring potential partnerships for a new petrochemical project in China, signaling its commitment to the Asian market and its confidence in future growth.
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