The Middle East is probably the most important influence on the global petrochemical industry today and will remain so for many years to come. However, prospects of a war in Iraq are raising concerns, and logistical and feedstock challenges could hem in the region's growth. Saudi Basic Industries Corp., or SABIC, the majority of which is owned by the Saudi Arabian government, has grown to 40.6 million metric tons of petrochemical production and sales of $9 billion in 2002 to become the 11th largest petrochemical producer in the world. Iran, through the government-owned National Petrochemical Co., has made its petrochemical industry a strong second to Saudi Arabia. Iranian petrochemical output was 12.5 million metric tones in 2001. A number of other countries in the region, including the United Arab Emirates, Kuwait, Qatar, Oman, and Egypt, have either completed major petrochemical projects or are planning them.
SABIC, created 24 years ago to add value to Saudi Arabia's massive......
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