2005 News Story

GCC ports look to privatization and foreign investment

Homood Al-Tuwaijri, Vice-President for Petroleum Coordination at the Saudi Arabian Basic Industries Corporation (SABIC) was one of the speakers at the Mari-Chem Middle East 2005 conference recently held in Qatar. The conference discussed privatization and foreign investment as possibilities to ease the pressure on the seaports of the Gulf Cooperation Council (GCC) caused by increased exports of petrochemicals and plastics. By 2007, chemical tanker exports are projected to exceed 28 million tons with another 17 million tons in containers. This is 40 percent higher than in 2003. It is estimated that by 2008, 80 percent of GCC production will be for export, creating pressure on ports and shipping.