Global petchem industry to invest $200 bil in future projects

According to Reuters, the global petrochemical industry is planning to make investments worth $201.3 billion in future projects by 2020, which is expected to increase the capacity of the industry from 1.457 million tons/year to 1.735 million tons/year in five years.

The projects include capacity additions which are expected to come on stream in five years, especially in China, US and Iran as well as a new petrochemical and petroleum refinery in Nigeria, which are likely to make Nigeria as an exporter of refined petrol and other petrochemical products in four years if the country’s refining capacity is successfully improved, the reports revealed.