Amna Puri-Mirza
Research Expert covering the Middle East
Petrochemical industry in GCC - statistics & facts
Petrochemicals are the products of refining petroleum crude oil during the downstream stage of the oil and gas sector’s processing chain. Around 2.3 billion metric tons of petrochemicals were produced worldwide. The total value of the petrochemical market worldwide was 584.4 billion U.S. dollars and is set to almost double, according to forecasts, by the end of this decade.
Petrochemical products can be classified into two product categories: olefins-based and aromatics.
Plastics, one of the most notable petrochemical products, derives from olefine ethylene.
The Saudi Arabian Oil Company is one of the world's leading petrochemical companies, with an annual revenue of 230 billion U.S. dollars.
Within the Gulf Cooperation Council (GCC) region was Saudi Arabia the leading generator of revenue in the petrochemical sector with almost 80 percent. The total revenue for the chemical industry in the region was 95.9 billion U.S. dollars. Between 2020 and 2021, the year-on-year revenue growth for that sector in the GCC region was over 77 percent. The downstream industry is the leading economic driver of the GCC region. Petrochemical companies in the region mainly started as state-owned enterprises; two of the leading companies in the region are SABIC and Industries Qatar.
Within the Gulf Cooperation Council (GCC) region was Saudi Arabia the leading generator of revenue in the petrochemical sector with almost 80 percent. The total revenue for the chemical industry in the region was 95.9 billion U.S. dollars. Between 2020 and 2021, the year-on-year revenue growth for that sector in the GCC region was over 77 percent. The downstream industry is the leading economic driver of the GCC region. Petrochemical companies in the region mainly started as state-owned enterprises; two of the leading companies in the region are SABIC and Industries Qatar.
Saudi Basic Industries Corporation (SABIC)
SABIC was founded in 1976, per royal degree, to utilize the oil by-products from oil production in Saudi Arabia. SABIC is the second largest public company in the region and is 70 percent owned by Saudi Aramco. As of 2022, the revenue of SABIC was around 53 billion U.S. dollars. During that year, SABIC produced around 37.7 million metric tons of chemicals, 5.7 million metric tons of performance polymers and industrial solutions, and 4.6 million tons of polyethylene.Industries Qatar Q.P.S.C. (IQ)
Industries Qatar was founded in 1969 by a joint venture between the government of Qatar and foreign investors. IQ is publicly listed on the Qatar Exchange, and QatarEnergy owns 51 percent of the company. Petrochemicals were the leading business sector of IQ. As of 2022, around three million metric tons of petrochemicals were produced by IQ. This business segment generated around seven billion Qatari riyal in revenue in the same year.
