Middle East: Expansion and Diversification

The Gulf Cooperation Council (GCC) member states continue to invest heavily in chemicals, and some of the world’s largest new petrochemical projects are in this region. The local price of gas feedstock has increased, and although some producers still pay about $1/million Btu for gas, most new projects command a price of $2.50-$4/million Btu. Qatar, which has one of the world’s largest proven gas reserves, already charges $3-$4/million Btu, says Hamad Rashid Al Mohannadi, deputy chairman of Qatar Petroleum (QP). Other GCC countries, notably Saudi...

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