Mubasher: The petrochemical industry in Oman posted the highest contribution to the gross domestic product (GDP) for the manufacturing sector compared with other member countries of the Gulf Cooperation Council (GCC).
The sector contributed around 51% of the added value for the manufacturing sector in 2016, a growth by 47% compared to 2015.
The data released in the new report titled "2016 GCC Petrochemical and Chemical Industry Facts and Figures" by the Gulf Petrochemicals and Chemicals Association (GPCA), highlighted the role of the chemical industry in diversifying the regional economy and accelerating non-oil economic growth, according to the Oman News Agency (ONA).
GCC chemical industry contributed around $43.8 billion to the GCC economy in 2016, equal to almost one third of manufacturing value added and 29% of manufacturing revenue, the report indicated.
GCC chemicals output grew at the fastest pace in five years, with chemical production growing 8.5% from 2015 levels, reaching 158.8 million tons.
In 2016, the GCC chemical industry reported $77 billion in sales revenue, down 3% from the previous year as a result of changes in global petrochemical prices.
The chemicals industry directly employs 152,100 people in the GCC while investing $584 million in research and development.
