The report highlighted the role of chemical industry in diversifying the regional economy and accelerating non-oil economic growth.
The chemical industry in Oman reported the highest contribution to manufacturing GDP among all the GCC states, according to the GPCA report.
Oman’s chemical industry contributed 51 per cent to the country’s manufacturing value added in 2016, growing from 47 per cent in the previous year.
The sultanate’s production index has systematically outperformed that of the GCC for the period 2006-2017. Employment in the chemical industry in Oman grew from 2,700 in 2015 to 6,700 in 2016, the report highlighted.
The report titled ‘2016 GCC Petrochemical and Chemical Industry Facts and Figures’ was released ahead of the 12th Annual GPCA Forum taking place from November 27 to November 29 in Dubai.
In a press release issued by GPCA, Dr Abdulwahab al Sadoun, secretary general of GPCA, said, “Despite being a relatively small producer, Oman has actively pursued economic diversification, while seeking to advance its industrial development including petrochemicals. The past year has been a very positive time for the regional chemicals industry.”
“The sector’s contribution to economic growth has also been exemplary, which highlights the role of the industry as a key enabler in the journey towards economic diversification. For every job created in the industry, there are about three jobs created in other sectors. To sustain this growth, chemical output from the region has had to grow by 9.2 per cent over the past decade,” he added.
The GCC chemical output grew at the fastest pace in five years with chemical production growing 8.5 per cent from 2015 levels, reaching 158.8mn tons. In 2016, the GCC chemical industry reported US$77bn in sales revenue, down three per cent from the previous year as a result of changes in global petrochemical prices.