For the past three decades, the Gulf petrochemicals industry has seen phenomenal growth. The center of gravity has now shifted from the traditional producing regions of North America, Europe and Japan to the lowest cost producing region of basic petrochemicals – the Gulf.

The global petrochemical industry is rapidly changing with the Middle East rapidly increasing its share of global capacity. There are not only a growing number of petrochemical ventures but state-owned firms are continuing their expansion internationally even as global demand falls sharply.