This Year, The Revenue Of The Chemical Industry In The GCC Region Will Increase By 15%-20%

According to news from Anxinsi Singapore on January 12, although upstream crude oil prices are unlikely to see a sharp rebound, due to the significant growth in chemical product production and trade, the operating income of the Gulf Cooperation Council (GCC) chemical industry is expected to increase in 2021 15-20%, thus reversing the plight of a decline of more than 20% last year.

The Gulf Petrochemicals and Chemicals Association (GPCA) said on Tuesday that despite this, the projected growth in 2021 is still lower than the 25-30% expansion rate before the new crown epidemic.

GPCA said that rising oil prices and a rebound in end-user industry demand will push up the operating income of the chemical industry in the GCC region this year.

GPCA survey research expert Nuriya Ismagilova said: "Looking forward to 2021, the consensus of various agencies is that oil prices are not expected to rise sharply, and the next two years are expected to be in the range of US$40-50 per barrel."

Nuriya Ismagilova said: “In 2020, the revenue of bulk chemicals will fall the most, and a strong recovery is expected in 2021. However, we do not expect the operating income of the chemical industry in the GCC region in 2021 to return to the level before the COVID-19 pandemic.”

The Gulf Arab Cooperation Council was established in May 1981 in Abu Dhabi, UAE. Its member states are the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia. It is an important political and economic organization in the Gulf region. Headquartered in Riyadh, the capital of Saudi Arabia.