Gulf Petrochemicals Sector Added 34,564 Jobs Between 2010 and 2011 an Increase of 11%

According to new research by the Gulf Petrochemicals and Chemicals Association, the Gulf petrochemicals sector added 34,564 jobs between 2010 and 2011 an increase of 11%.

According to a new GPCA publication, GCC Petrochemicals & Chemicals Facts and Figures 2011, to be released at next week's 7th Annual GPCA Forum, the industry's total workforce in the UAE stood at 8,000 last year, equivalent to two per cent of all employees in the country's manufacturing sector.

Abu Dhabi continues to set the pace for petrochemicals development in the UAE, with sales of USD 2.7 billion in 2011 reflecting 21% revenue growth in comparison to 2010. Total output last year was 6 million tonnes or 5% of the Gulf's total production of 120 million tonnes.

Dr Abdulwahab Al Sadoun secretary general of the GPCA said that "These are encouraging developments showing the contribution petrochemicals and chemicals is making to the diversification of local industry and career development for the indigenous workforce. But more needs to be done to sustain growth through further innovation and training and that will be a strong message at our upcoming annual forum."

The positive news surrounding the sector's expansion will be offset by concerns over falling natural gas prices in North America when more than 1,600 delegates representing the main petrochemicals producers in the Gulf and world markets meet in Dubai next Tuesday for the 7th Annual GPCA Forum.

Technological advancements in US shale gas production will be at the forefront of discussions and a major issue addressed by top industry speakers including Mr Mohamed Al Mady, Vice Chairman and CEO of SABIC and Chairman of the GPCA.

According to the index Henry Hub, the price of natural gas in the United States and Canada has dropped to around USD 3 per million British thermal units from USD 10 in mid 2008. Falling prices abroad challenge the feedstock cost advantage of Gulf petrochemicals producers, currently experiencing rapid growth in output and sales. Reflecting the global industry's shifting economic landscape, the GPCA 's seventh annual gathering takes place on the theme 'Sustaining competitiveness in a rapidly changing world'.

Dr Al Sadoun said that "Our new research will be launched at an opportune time, coinciding with our biggest event of the year. GCC Petrochemicals & Chemicals Industry Facts and Figures 2011 is a valuable measure of the performance of the industry, with important data on production, exports, sales, R&D, employment and future expansion plans. It quantifies the substantial achievements to date as well as highlighting critical areas of improvement.”