Middle East petrochemical sector eyes 20% growth in Q1 revenues.

By bne IntelliNews March 24, 2011
Revenues of the Middle East's petrochemical sector are expected to surge by 20% q/q to USD 15.2bn in the first quarter of 2011 mainly due to higher prices of related products, Emirates 24/7 reported citing a report by consultancy firm Global Research. The growth will be also supported by a 113% increase of production from new plants. Revenues in Q4 of last year rose by 33.4% y/y to USD 12.7bn. The sector's net profit in Q1 is expected to be by 23% higher than in the previous quarter. The increase in prices is also fuelled by rising oil prices due to the unrest in the Arab world. Global Research expects the average prices of all benchmark crude oil to remain above USD90 per barrel in Q1.

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