多元化转型驱动中东石化业逆势扩张

Group 1 - The global petrochemical industry is experiencing a prolonged downturn due to trade headwinds, oversupply, and weak end-demand, lasting for four years, while Middle Eastern producers are expanding and diversifying into high-value product chains [1] - By 2028, the Gulf Cooperation Council (GCC) countries are expected to add over 20 million tons of petrochemical capacity through new and expanded projects, with Saudi Arabia and the UAE being the main drivers of this growth [1] - The GCC region's ethylene production accounts for 10.4% of the global total, with the petrochemical sector becoming the second-largest manufacturing industry in the region, generating over $108 billion annually [1] Group 2 - Recent investments in the Middle Eastern petrochemical industry show a trend of "slower growth but improved quality," focusing on world-class projects in high-value chains, particularly in ethylene and propylene [2] - The Borouge 4 polyolefins project in Abu Dhabi is nearing completion, with a core ethane cracking unit expected to produce 1.4 million tons of polyethylene annually by 2026 [2] - The Ras Laffan petrochemical complex in Qatar, set to begin operations by the end of 2027, will feature a 2.1 million tons per year ethane cracking unit, significantly increasing Qatar's petrochemical capacity [3] Group 3 - Saudi Arabia's petrochemical sector is actively expanding, with the Amiral project set for completion in 2027, featuring a 1.65 million tons per year mixed feed cracking unit [4] - Saudi Aramco aims to increase its crude-to-chemicals production from 1.8 million barrels per day to 4 million barrels per day in the long term [4] - SABIC is accelerating its investments in high-growth markets, including a new MTBE facility expected to be the largest of its kind globally, and a joint venture project in Fujian, China, with significant progress made [4]