GCC governments’ plans to diversify their economies by developing large-scale petrochemicals projects are being challenged by the North American shale gas boom, says UN agency Unctad.

The agency’s World Investment Report 2014 (see p20) says that “the shale gas revolution in North America, combined with gas shortages in the GCC region, has reduced the cost advantage of the GCC petrochemicals players and introduced new competition.” (CONTINUED - 381 WORDS)