The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR o…
External markets are under pressure and margins are being squeezed by falling prices and rising feedstock
costs. However, this will not stop the development of downstream plants, with the Al-Zour project at
the greenfield 615,000 barrels per day (b/d) Al-Zour refinery now going ahead following delays, and
with debottlenecking projects helping to expand capacity. However, the alleviation of sanctions on Iran will
pose a major threat to all regional producers and could still drive Kuwaiti petrochemicals
margins down further. There are also downside effects of a medium-term reduction in oil refinery capacity.
The slowdown in the Chinese petrochemicals market has exacerbated the problem of oversupply in the Asia
Pacific region. Moreover, the Chinese market is moving towards a situation of self-sufficiency. This is
likely to crowd out Kuwaiti exports from the market, requiring producers to seek other markets. The most
obvious alternative market is India, which ideally suits the configuration of the Olefins III project with its
higher proportion of propylene derivatives that the Indian industry needs to import.