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Industry sources pointed out that the cost of infrastructure investment in the Middle East is increasing, the cost of building a plant often exceeds the budget, and the production date has been postponed due to insufficient funds. For example, Saudi Aramco’s 400,000 barrels/day refinery expansion project in Rabigh on the West Coast, a world-scale giant oil refinery/petrochemical complex jointly invested with Sumitomo Chemical Co., Ltd., originally planned to invest US$9 billion. With the increase in costs, the project investment has increased by 300 million U.S. dollars, and the construction period has also been forced to lengthen. In addition, Dostochem and Saudi Aramco's Rastanula General Plant petrochemical project built in the Middle East, with an investment of up to US$20 billion, will be the largest investment by foreign companies in Saudi Arabia’s energy sector.
Since the outbreak of the financial crisis, raising project funds has become a problem. Loans in the Middle East began to tighten and bank cash almost bottomed out. As the credit crisis aggravates, overseas sources of funds have plummeted, and banks have to reassess the risks of borrowing and borrowing standards are more stringent. In this case, the construction of loan funds is getting more and more difficult, but some powerful petrochemical companies such as Saudi Aramco can still obtain loan funds. In addition to the economic recession and financial problems, the reasons for the postponement of some petrochemical projects in the Middle East include severe shortages of senior welders, inadequate supply of advanced compressors for large-scale installations, and insufficient supply of building materials and equipment.
In addition, the tight price of ethane, the conversion of raw materials to naphtha has also limited the development of the petrochemical industry in the Middle East. Because the price of natural gas is cheaper than naphtha, building a petrochemical plant in the Middle East has more cost advantages. However, people in the industry pointed out that in the future, the amount of crude oil extracted in the Middle East can no longer be significantly increased, which will certainly limit the production of associated gas. In addition, the natural gas liquefaction project is also competing with the petrochemical industry for natural gas feedstock, resulting in soaring prices of ethane, tight supply, and increasing cost pressure on petrochemical producers, which will prompt them to adopt more naphtha heavy feedstocks. . The cracker in Saudi Arabia has switched from 100% ethane feedstock to more and more ethane/propane and ethane/butane mixtures.
It is expected that in the future, the Middle East will be restricted by the source of light hydrocarbon feedstocks such as ethane. At that time, it will be necessary to use newer naphtha feedstocks to build new petrochemical production plants and lose cost advantages. Saudi Arabia’s petrochemical feedstock has changed from less expensive ethane to more expensive light oil. Due to the extreme shortage of ethane with cost advantages, Saudi Arabia’s future petrochemical investment projects will use naphtha feedstock routes associated with refineries.
Industry analysts say that after using more naphtha heavy feedstock, the cracker will produce a variety of products, which requires increased investment to achieve the desired economic benefits. Currently, the main problem of the petrochemical plants in the Middle East is that the economic benefits are not satisfactory. There is no cost advantage for the export of petrochemical products from light oil. It is expected that some investment projects using light oil as raw materials will not be able to obtain reasonable returns. However, some countries in the Middle East, such as the United Arab Emirates, still have abundant supplies of ethane. The situation is otherwise.
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A series of petrochemical investment plans being implemented in the Middle East are putting pressure on the global chemical industry. Industry experts have pointed out that due to the cheap raw materials, the Middle East petrochemical products will have a huge impact on the market. However, analysts recently said that the Middle East petrochemical industry has also been severely affected by the global financial tsunami. The global economic recession has led to difficulties in the financing of construction projects, increased investment costs, and rising raw material prices, and the development of the industry has been limited.