New Energy market report from Business Monitor International: "Algeria Petrochemicals Report Q1 2013"
Boston, MA -- (SBWIRE) -- 12/11/2012 -- The Q113 Algeria Petrochemicals Report examines how new government legislation has made the country's petrochemicals market more attractive to investors and international oil companies (IOC) alike. However, it also warns that the gloomy global economic climate has had a negative impact on the US and European economies, with an inevitable impact on demand for Algerian petrochemicals. This report considers Algeria's search for new petrochemicals markets and warns that the country faces tough competition from strong Middle Eastern and new Asian industries, as it looks to emerging markets and developing economies to generate business.
Furthermore, BMI explores the opportunities for long-term growth which emanate from the automotive and construction sectors - both domestically and elsewhere in Sub-Saharan Africa (SSA). The impact of a potential decline in oil and gas resources on domestic consumption and hydrocarbons imports is also addressed.
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The recent government announcement concerning an increase in the state-owned Oil and Gas company Sonatrach's investment budget will also be considered, as it will not only result in a number of exploration and production (E&P) ventures with foreign companies and investors, seeking to capitalise on Algeria's 600 trillion cubic feet of unconventional and shale gas reserves, but will also have an impact on the petrochemicals industry further downstream, not least because these could hold the ethane resources necessary to power new cracker capacity.
The start-up of the 1mn tpa methanol complex, which was planned by Sonatrach and is being built by a consortium of companies led by Kuwait's Qurain Petrochemical Industries Company (QPIC), is still suffering delays, and is not expected to enter production until 2014 due to Sonatrach being restructured.
With 1.1mn tonnes per annum (tpa) of ethylene production capacity, integrated downstream plants and low labour costs, the US$3bn petrochemical complex at Arzew should be more economical than smaller and often isolated European facilities.
Over the last quarter, BMI has revised the following forecasts/views:
- Delays in current projects indicate that the realisation of the country's full potential in petrochemicals is unlikely over the forecast period. These delays will not only raise costs and reduce margins in the long term, they will create a more opaque business environment that will undermine progress and put the industry's significant cost advantages - in terms of domestic natural gas feedstock availability - at risk.
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