According to the latest report from Gulf Petrochemical and Chemical Association, the total output of petrochemical products of the Gulf Cooperation Council (GCC) countries in 2011 was nearly 111.6 million tons, an increase of 13.5% compared with 2010. The report believes that 2011 was a year of recovery and consolidation of the petrochemical market since the 2008 international financial crisis, and both petrochemical industry sales and profit growth have reached the highest levels in history. Statistics show that the petrochemical products of the GCC countries have sales of nearly 100 billion U.S. dollars, of which Saudi Arabia accounted for more than half. Saudi Basic Industries (Sabic)’s corporate earnings in 2011 totaled US$50.64 billion and net profit of US$7.8 billion. Industry analysts believe that although the outlook for Europe’s economic outlook and overseas markets is still unclear, the prospects for the development of the petrochemical industry this year are very optimistic given the increasing attention to technology, innovation and long-term cooperation in the industry. At the same time, continued investment and new projects that have been introduced have also demonstrated the global dominance of the Gulf countries in the petrochemical sector. The report also pointed out that the number of new projects signed by Saudi Arabia in terms of downstream petrochemical facilities is on an upward trend, which means Saudi Arabia's downstream petrochemical industry will usher in prosperity and development in the next few years. Natural Gas Flowmeter,Gas Flowmeter,Turbine Gas Flowmeter Metery Technology Co., Ltd. , http://www.dl-valves.com