Page 163 - CW E-Magazine (6-2-2024)

Special Report

While exports to Africa have in-
4,000
creased and may present a long-term
opportunity, the market is expected to
3,000 remain relatively small when compared
to Europe and Asia.

2,000
million tonnes 1,000 planning large scale investments in
A number of Gulf countries are
chemicals in the second half of this

of projects intended to guarantee off-
0 decade. These investments are a mix
take for oil and refi ned products in
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 a post-peak oil world, and a move

North America Middle East Northeast Asia Asia and Pacifi c to bring chemicals production
onshore to allow for more value-
Fig. 2: China quarterly imports, ethylene & derivatives (monomer basis) added exports. Signifi cant sums are
Source: ICIS Analytics. being spent on crude-oil-to-chemical
share for chemicals. And even here oversupplied global market will be of complexes.
there is competition from the US, key importance to Middle Eastern pro-
which overtook the UAE as the larg- ducers in the coming years. These investments will be of great
est LPG exporter into China from concern to high-cost European and
2020. Middle Eastern exports to Europe Asian producers, who do not have any
have also decreased in the past two serious reasons to expect a favourable
Challenges for Middle East producers years as a result of fi erce competition operating environment to materialise in
How to grow market share in an with US. the foreseeable future.

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Chemical Weekly February 6, 2024 163

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