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Saudi Arabia aims to invest USD 100 billion in its petrochemical industry by 2015

June 23/2011

(Arabian Oil and Gas) -- Saudi Arabia aims to invest USD 100 billion in its petrochemical industry by 2015, and to increase focus on advanced technologies associated with the industry, according to Dr Mohammed Ibrahim Al-Suwaiyel, president of the King Abdulaziz City for Science and Technology.


Speaking during the Saudi International Petrochemical Technologies Conference, held in Riyadh in early June, Dr Al-Suwaiyel said petrochemical technologies are among 12 strategic technologies that the Kingdom aims to develop in partnership with private sector operators in the country, as part of the Kingdoms national technology and innovation plan.


Dr Al-Suwaiyel also said that the Kingdom plans to lift petrochemical production capacity to 80 million tonnes per year from the current rate of 60 million tonnes, 62% of total GCC petrochemical production capacity.


The conference was the first of its kind in the Kingdom. It highlighted recent research, development, innovation and applications of petrochemicals technology, both in KSA and at international level.


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