GCC petrochemicals producers are engaging in a much-needed boost to R&D spending despite a global investment slump, according to the Gulf Petrochemicals and Chemicals Association (GPCA). GCC petrochemicals output for 2012 was worth $97.3bn, 2% of the global figure, but GCC producers spent a mere $380mn on R&D, “just 0.8% of global R&D spending,” the GPCA says.

However this 2012 spend was 30% up on $266mn for 2011, while global petrochemicals R&D spending increased 10% year on year. (CONTINUED - 269 WORDS)