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Move to China-India extension market In recent years, many investment projects have progressed slowly. Raw material shortage is the biggest problem encountered by many new projects in the Middle East. Most of the cheap ethane raw materials have been allocated to existing projects, and only a small amount is available for new projects to be put into use. In addition, problems such as high construction costs, scarcity of skilled labor and capital shortage also plague Middle Eastern petrochemical companies. Many large-scale petrochemical projects have been suspended and postponed. However, in the past few months, the economic recovery has restored investor confidence.
Rob Mick, CEO of an oil consulting company in the United Kingdom, said that although the global petrochemical investment outlook is still uncertain, rational investment in Asian countries is valuable. The petrochemical industry has always been developing in mergers and acquisitions and restructuring in the cycle of economic prosperity-recession and further prosperity, and this is no exception. Saudi Arabia has a clear cost advantage, while India and China have sufficient capital and stable domestic and international demand. The construction cost of large-scale petrochemical projects in these countries is declining, and the scale is likely to continue to expand and the investment environment has significantly improved. It is understood that after many postponements, four of the six ethylene cracking projects originally planned for completion in 2008 in the Middle East have been completed, while the remaining Saudi Arabia-Japan joint venture Eastern Petrochemical Cracking Project and Qatari Laslavian olefin cracking have been completed. The project is scheduled to start this year. In addition, the new ethylene cracking project of Borouge Petrochemical Company in Abu Dhabi will also be completed in mid-2010. While strengthening intra-regional investment, the GCC countries have strengthened their cooperation with other Asian countries, making full use of their resource advantages, and working with local partners to explore markets with potential for investment, especially in China and India. The pace of investment.
Downstream Alliance Producers With the shortage of local ethane resources and the impediment of upstream investment, more Middle Eastern petrochemical companies have already stepped out of West Asia to expand downstream markets and become the main force of cooperation, mergers and acquisitions.
SABIC and Sinopec, the largest petrochemical producer in the Middle East, held the unveiling ceremony of Zhongsha (Tianjin) Petrochemical Co., Ltd. in November last year, and cooperated with petroleum refining and cracking devices in Tianjin with a total investment of 2.7 billion U.S. dollars. Produce 1 million tons of ethylene and polyethylene, ethylene glycol, polypropylene, butadiene, phenol and other derivatives products, the project is scheduled to put into production in the first quarter of next year; Kuwait PetroChina and Sinopec joint venture Sino-Korean joint venture in Guangdong refining and chemical integration The project will be located in Zhanjiang, with a total investment of approximately 60 billion yuan, a plant refining capacity of 15 million tons/year, and an ethylene production capacity of 1 million tons/year, scheduled to be put into operation in 2013; Qatar Petroleum International and Sinopec and Shell establish joint-venture oil in Taizhou, China In the refinery, after the project is put into operation, it has a crude oil processing capacity of 20 million tons/year and an ethylene cracking capacity of 1.2 million tons/year.
In terms of corporate mergers and acquisitions, the International Petroleum Investment Corporation (IPIC) invested by the government of Abu Dhabi successively held shares of Borealis, Austrian Oil Company and Spanish Oil Company, and purchased the ownership of Nova Chemicals. IPIC said that the company intends to purchase a large European petrochemical company in the first quarter of 2010 and become a global petrochemical leader in the next five years. Qatar Petroleum International and Shell formed a joint venture in November last year. The company will own 50% of Singapore Petrochemical Corporation and 30% of a downstream polymer producer.
Mick pointed out that the Middle East companies have established strategic partnerships with downstream petrochemical producers by virtue of their oil and natural gas resources. The new companies established are larger and more abundant, and are closer to the downstream market. The prospects of cross-regional investment by Middle Eastern companies are worth looking forward to.
Extending the domestic industrial chain Because of the shortage of raw materials, many petrochemical investment projects in the Middle East use naphtha as raw materials to crack and produce a variety of downstream products. While increasing the scale of investment, the petrochemical industry chain is extended to produce high value-added downstream products.
Saudi Aramco’s joint venture with Dow Chemical has invested US$20 billion to develop the world’s largest new project for the construction of new plastics and chemical production complexes. The consortium will include 35 units with a capacity of 8 million tons/year of petrochemical products. The project is still in the engineering and design stage and is expected to be completed and put into operation in 2015. A 600,000-ton-year ethylene glycol plant has been put into operation between Aramco and Sumitomo Chemical's joint venture in Saudi Arabia. The second phase of construction is currently underway, and many downstream products including specialty chemicals will be produced. After these projects are completed, the petrochemical products in the Middle East will be diversified, providing more employment opportunities for the growing population and creating more added value.
In order to attract more downstream businesses, the Middle East has established a number of petrochemical product processing industrial parks. In Saudi Arabia, the 2.4 million-square-meter Rabigh Industrial Park can accommodate 50 plastic processing units, and Saudi Arabia's East Coast and West Coast have already planned more processing areas. Last month, the Abu Dhabi Polymer Industrial Park in the United Arab Emirates entered the first company. The industrial park plans to attract 70 polymer processing companies and reach full capacity in 2015.
However, industry insiders stated that although the Middle East industrial park is close to raw material suppliers and close to the Eurasian terminal market, the high cost of human resources and the limited domestic market will restrict the development of Middle East industrial parks.
Analysts believe that the next wave of investment will no longer be a simple petrochemical project expansion, the investment of Middle East petrochemical companies may shift to emerging regions and emerging products, the pattern of the future downstream industry will be a new look.
Middle East Chemicals Set off a New Wave of Investment Fever
After the investment boom of the past few years, the Middle East petrochemical company in the post-financial crisis era has adjusted its investment strategy, opened up foreign investment regions and expanded downstream business areas. Cross-regional cooperation and mergers and acquisitions will further extend the petrochemical industry chain in the Middle East and may lead a new round of investment.