Saudi Aramco and Adnoc Expanding Into Chemicals Amid Asia Growth - Bloomberg:
"Saudi Arabia and the emirate of Abu Dhabi plan to more than double their production of petrochemicals to cash in on growing demand.
Both Persian Gulf oil producers are prioritizing a more diverse output of petrochemicals to help wean their economies away from crude. They want to produce chemicals that are used in plastics to tap growing consumer-goods markets, particularly in Asia, and to make plastics themselves.
“By 2030, Asia will become the main driver of global economic growth and will also represent the world’s largest market for consumer goods,” Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co., said Monday at a conference in Dubai. “Demand for petrochemicals by 2030 will in fact double, representing an unprecedented market opportunity.”"
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