Saudi Arabia, holder of the world’s largest oil reserves, reported that petrochemical exports grew 17.2 per cent by volume last year, partly as a result of higher demand from Asia in the fourth quarter.

Qatar Petroleum has signed contracts worth US$26 billion from 2005 to 2010, 65 per cent (more than US$16.7 billion worth) of which had gone to Qatari companies.

Qatar Petroleum (QP) and Royal Dutch Shell signed a preliminary agreement to construct a US$6 billion petrochemical plant in Ras Laffan Industrial City in Qatar.

Production levels at the Gulf Petrochemical Industries Company (GPIC) hit record highs in 2010.

China and India's growing demand for petrochemicals will continue to benefit the Middle East and North African (MENA) region, say analysts.