Kuwaiti-State Petrochemical Co. Achieves KD 227 Mln

Source: KUNA 1/23/2012, Location: Middle East

Kuwait's state-run Petrochemical Industries Company (PIC) achieved profits worth KD 227 million (USD 814 million) at the end of 2011 - expected to reach KD 240 million (USD 861 million) by the end of the current fiscal year, a local official said. "These profits are exciting and exceptional, and come within the Kuwait Petroleum Corporation's (KPC) 2020-2030 strategic vision, along with Kuwait's development plan for 2035," Minister of Oil and State Minister for National Assembly Affairs Dr. Mohammad Al-Busairi told reporters after holding an inspectional of the PIC head office.

The public oil sector's set of companies complete the remaining sectors of the country in relation to the Kuwait development plan, he said, adding that the PIC is looking forward to a number of gigantic strategic projects in the coming stage, mainly the Olefins III project, a new refinery and projects in the aromatics and fertilizer industries. The visit is one of many for KPC-administered companies, the minister noted, underling the importance PIC holds within the oil production family.

PIC will cooperate with the privately owned Equate, for the Olefins III project, but the minister noted to difficulties in obtaining a land plot for the huge project. Olefins are synthetic fibers used in wallpaper, ropes, and vehicle interiors. "The most sensible location for the project will be near the new refinery in the southern region." He also revealed other projects on the way, like the Olefins 4 and 5 projects in 2015 and 2030, indicating the need for adequate infrastructure to accommodate these plans.


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