Minister of Energy: We expect global demand for ‎petrochemicals to continue growing at a rapid pace

Prince Abdulaziz bin Salman, Minister of Energy, said that he expects global demand for petrochemicals to continue to grow at a rapid pace, which will reflect an increase in demand for hydrocarbons as raw materials. He explained that, according to market and local reports, the global petrochemical sector is expected to grow by more than 50% to about 1.2 trillion tons annually by 2040, which translates into a jump in demand for basic petroleum chemicals, such as “ethylene” and “propylene more than 60%.

He added that those who talk about the energy transition must accept the data and facts, given that “petrochemicals are here to stay.”

The Minister of Energy indicated, during his participation in the 17th session of the annual GPCA Forum held in the Qatari capital, Doha, that the hydrocarbon sector will continue to generate income and generate money for investors “today and for decades to come.”

Today, Sunday, the activities of the 17th annual GPCA Forum began, which discusses the role of the chemical industry in sustainability and the transition to clean energy, as reported by Al Arabiya.

He added: “I would like to ask our friends who are talking about transformation to live with their facts, the facts of today, the facts of the coming decades, and the data in their hands,” stressing that the hydrocarbon sector will continue to generate income and generate money for investors, revealing that the Kingdom is in It is on its way to expanding its investment portfolio through at least 4 projects that will start during the next few years, and expanding the manufacturing sector, which will enable manufacturing activities in the Kingdom.‎