Mideast Bets on $100 Billion Industry as Oil-Use Outlook Dims - Bloomberg

Mideast Bets on $100 Billion Industry as Oil-Use Outlook Dims - Bloomberg:

"They are the building blocks of our daily stuff, from sports shoes to computer keyboards, created when oil and natural gas molecules are split, or cracked, to produce ethylene, propylene and other chemicals.

The science may be esoteric, but petrochemicals are big business in the oil-rich Persian Gulf, and they’re poised for further growth. Energy producers view these compounds increasingly as a key to unlocking more profit from each barrel of crude they pump.

Just last month, Abu Dhabi and Qatar each announced plans for new plants. In April, Saudi Arabian Oil Co., the world’s biggest crude exporter also known as Saudi Aramco, teamed up with Total SA for a $5 billion facility in the kingdom and signaled its intention to invest in the U.S. Arab oil producers in the Gulf are boosting capacity at home and abroad to secure sales in a business that McKinsey and Co. estimates will drive 70 percent of the growth in demand for oil through 2035.

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