Gulf Oil and Gas accountACCOUNT

PIC Plans 46pct Annual Production Increase in 2030

Source: KUNA 10/14/2013, Location: Middle East

Kuwaiti state-owned Petrochemical Industries Company (PIC) expects an annual 46pct increase in its production capacity after new strategic projects set for 2030 are completed, according to a senior employee.

The company plans to expand its production from 8.2 million tonnes to 12 million tonnes a year in the olefins, aromatics and specialty chemical sectors as "growth in these sectors will continue in the coming years, and a number of strategic projects have been targeted for execution until 2030," director of comprehensive planning, Nasser Al-Enezi, told the company's in-house magazine.

It is also keen to discover new investment opportunities to expand upon its production of petrochemical products, namely urea, ammonia, methanol, polypropylene, polyethylene, ethylene glycol, paraxylene, benzene and styrene. This strategy is being approached on three fronts, building new projects in and out of Kuwait which depend on raw materials, or what is known as feedstock (natural gas in this case), taking over petrochemical companies abroad and integration between the company's foreign and local-based activities.

Newly-assumed projects include the locally-based Olefins III project, the Aromatics Complex II project, a planned Olefins IV project and an integrated refinery and petrochemical project in China. The company is doing its best to complete the two home-based Olefins III and Aromatics Complex II projects with the support of parent company Kuwait Petroleum Corporation (KPC) and Kuwait National Petroleum Company (KNPC).

On competition in the global market, he said that "there will be many changes which will aid drawing up the future of petrochemicals globally." The most fundamental of these will be the levels of expected supply of shale gas from North America in the coming years and how the global market will react to this.

This is in light of the continent's production and competitive capacity when taking into account the decreasing production of gas in the Gulf region amid a new global shift towards liquefied petroleum gases (LPGs) like naphtha, propane and butane.

Production News in Kuwait >>

Russia >>  12/5/2018 - Today, an official ceremony was held at the Bovanenkovskoye field to celebrate the commissioning of the field’s third and final gas production facilit...
United Kingdom >>  12/4/2018 - Apache Corporation (APA) announced it has initiated production from its Garten development on Block 9/18a Area-W in the United Kingdom sector of the N...

Peru >>  12/3/2018 - Frontera Energy Corporation (FEC) ("Frontera") announces an update on Block 192 in Peru ("Block 192"). ...
Russia >>  11/30/2018 - Exillon Energy plc, a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ...

Iraq >>  11/29/2018 - Output from Iraq’s Basra Gas Company (BGC) is expected to reach 1,050 million standard cubic feet per day (mcf/d) by the end of 2018, an increase of 1...
Brazil >>  11/27/2018 - Petroleo Brasileiro SA - Petrobras informs that in October its total production of oil and gas, including natural gas liquids (NGL), was 2.66 million ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.