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MECCA, Saudi Arabia — According to National Commercial Bank (NCB), Saudi Arabia’s largest bank, the Gulf kingdom is investing nearly $63 billion into projects to boost its petrochemical industry and maintain its position as one of the world’s top chemical producers, Zawya.com reported.
Nearly 21 percent of the value of the 62 projects is in the execution stage while 33 percent is in the study phase and 18 percent is in the bidding stage, NCB said in a study released on Sept. 17.
“Producers’ low cost margins and recent profit growth will allow them to stay afloat during the supply glut and squeeze out higher-cost producers in Europe and North America,” the study said.