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GCC petrochemical producers optimistic about achieving good netbacks in 2011

December 09/2010

(ICIS) -- Petrochemical producers from the Gulf Cooperation Council (GCC) region are cautiously optimistic about achieving good netbacks in 2011, they said on Thursday, supported by strong demand in emerging markets such as China, India and South America.


"While petrochemical demand in the developed world is not expected to grow at a spectacular pace, emerging markets such as China, India and Brazil are showing exponential demand growth, above GDP levels," said a senior executive with a leading Saudi Arabian petrochemical company.


The executive, who wished not to be identified, was speaking with ICIS on the sidelines of the 5th Gulf Petrochemicals and Chemicals Association (GPCA) forum being held in Dubai, the United Arab Emirates.


GDP growth in China and India was expected to cross 9% and 8% respectively in 2010, and petrochemical demand growth was set to grow at an even higher pace, another GCC producer said.


Similar sentiments were expressed by the American Chemistry Council's chief economist, Kevin Swift, who said in New York this month that during the next two years, the most rapid growth would occur in the emerging nations, most notably in China, India and Brazil, while South Korea, Singapore and Taiwan would present good growth prospects through 2012.


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