ICIS News: Recently, the supply of polymers in the Middle East market has been oversupplied, and the profits of producers have shrunk dramatically. Affected by this, Qatar will temporarily put aside its expansion plans for petrochemical products and think twice.
According to Muntajat, a Qatar state-owned energy company, the country plans to invest $25 billion to increase its total petrochemical production capacity from 16.8 million tons per year in 2012 to 23 million tons per year in 2020.
Polyolefin production unit
According to Muntajat, the fierce market competition has made Qatar realize that focusing on a single polyolefin production will eventually be eliminated by the market. Only by diversifying production and enriching the petrochemical product category can we truly stand out and seize a place. However, the current state of overcapacity of regional polymers has led the country to think twice about the expansion of petrochemical products.
In the Middle East market, the United Arab Emirates will add at least 2.5 million tons of new olefins and polyolefins in the coming months. Among them, the new capacity of HDPE and LLDPE is 1.08 million tons/year, the new capacity of LDPE is 350,000 tons/year, and the new capacity of PP is 960,000 tons/year.
As the world's largest exporter of LNG, Qatar's oil and gas. The proven oil reserves are 2 billion tons, ranking 13th in the world, and natural gas reserves are 25.78 trillion cubic meters, ranking third in the world.
In 2013, Qatar's natural gas reserves were 88 billion cubic feet. With the launch of the GTL project at the end of 2012, the country’s naphtha production increased.
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