As part of its economic diversification plan, Qatar is likely to invest about US$ 25 billion in the country's petrochemical sector by 2020, according to a recent report released by Qatar National Bank (QNB).
In its report titled "Qatar Economic Insight 2012", QNB said investments of about US$ 17 billion are likely to be made in the first phase until 2017, while another US$ 8 billion investment is expected in the second phase to be completed by 2020.
At present, Qatar's petrochemical sector produces around 2.6 million tons per year of ethylene, widely used as a raw material in the textile sector, among others.
In addition, the sector also produces 350,000 tons per year of olefins by cracking naphtha and natural gas.
The report said Qatar is moving the petrochemical value chain towards production of more complex products.
It added that recently a number of expansions have been carried out, which will increase the petrochemical production in Qatar by 1 million tons in 2012.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=117989
