Saudi Arabia evolves into a global petrochemical hub

Capital investment in hydrocarbon sub-sectors in the Kingdom of Saudi Arabia is slated to reach $94.4 billion in the years 2004-2009 according to Dr. Abdulwahab AlSadoun, the Director General of the Energy Sector at the Saudi Arabian General Investment Authority (SAGIA).

Over 70% of the first wave of projects in 2004 came in the form of joint ventures with ExxonMobil, Shell and Mitsubishi followed by newcomers Chevron Phillips, Sumitomo, Basell and Acetex. Furthermore, 2004 alone saw the production of over 34 million tons of petrochemicals by 15 industrial plants.

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