Saudi Arabia’s petrochemical exports rose 32 percent during the third quarter, compared to the same period last year, Central Department of Statistics and Information's (CDSI) data was cited by Beltone Financial as showing.

Strong demand from Asia and the EU on top of the rebound in oil prices have helped boost the Kingdom's petrochemical. Exports reached $2.5billion for the period, up from $1.94billion in the previous year.

A total of 5.9 million tons was exported in the quarter. The volume of year on year non-oil exports to Asia increased by 13 per cent and those to the EU by 34 per cent.

Saudi Arabia will add five petrochemical crackers in the next five years, and plans to increase chemical exports.