Petrochemicals production capacity in the six member Gulf Cooperation Council, or GCC, grew 13.5% year on year in 2011 to 116 billion mt/year, Gulf Petrochemicals and Chemicals Association said Tuesday.
Saudi Arabia, Oman,the UAE, Kuwait, Qatar and Bahrain constitute the GCC.
Saudi Arabia alone accounted for more than half of the region's total of $100 billion in sales in 2011, GPCA said in a statement.
GPCA did not elaborate on the region's petrochemical projects that came onstream in 2011.
"We are optimistic about 2012, despite the gloomy economic forecast in European and overseas markets, due to the [GCC petrochemical producers'] continued focus on technology, innovation and long-term partnerships," GPCA secretary general Abdulwahab Al Sadoun said in the statement.
