PIC plans to pro­duce 16m tons per an­num by 2040

Kuwait Times - - LOCAL -

KUWAIT: Kuwait’s Petro­chem­i­cal In­dus­tries Com­pany (PIC) said yes­ter­day its 2040 strat­egy aims at ex­pand­ing the vol­ume of its petro­chem­i­cal pro­duc­tion up to 16 mil­lion tons an­nu­ally. It said in a press re­lease that its cur­rent out­put stands at 8 mil­lion tons, in­clud­ing 3 mil­lion tons of fer­til­iz­ers, 2 mil­lion tons of olefins and 2 mil­lion tons of aro­mat­ics.

It added that its 2040 strat­egy be­ing worked out by the Kuwait Petroleum Co­op­er­a­tion (KPC) would pave the way for a three­fold in­crease in the num­ber of the com­pany’s em­ploy­ees who are re­quired for fu­ture projects.

Mo­hammed Al-Farhoud, Chief Ex­ec­u­tive Of­fi­cer for PIC was quoted in the re­lease as say­ing that his busi­ness has man­aged to post KD 431 mil­lion in prof­its for the fis­cal year 2015-2016 thanks to its work­ers’ great ef­forts. The rise ac­counted for 141 per­cent over last year’s fig­ures, KD 263 mil­lion higher than the com­pany’s KD 168 mil­lion tar­get, he added. He as­cribed the surge in net prof­its to the ac­qui­si­tion by Equate Petro­chem­i­cal Com­pany, a PIC sub­sidiary, of the ME Global.

The com­pany’s op­er­at­ing prof­its amounted to KD 50 mil­lion in late Septem­ber com­pared with es­ti­mated prof­its of KD 54 mil­lion for the same pe­riod of last year, Farhoud said, ex­pect­ing it to post prof­its worth KD 106 mil­lion for the FY 2016-2017.

Fur­ther­more, the com­pany has saved a to­tal of KD 20 mil­lion in op­er­at­ing ex­penses dur­ing 2015-2016 through great ef­forts be­ing ex­erted in or­der to save spend­ing and boost rev­enues, he pointed out. Farhoud es­ti­mated the firm’s net fi­nan­cial sur­plus at around KD 9 mil­lion by means of ap­ply­ing the Six Sigma ap­proach which is pri­mar­ily meant to over­haul the com­pany’s var­i­ous op­er­a­tions in 2016.

Based in Kuwait, Petro­chem­i­cal In­dus­tries Com­pany (PIC) was founded in 1963 as the first chem­i­cal fer­til­izer com­plex of its kind in the re­gion. To­day, PIC is a sub­sidiary of the Kuwait Petroleum Cor­po­ra­tion (KPC) and is a petro­chem­i­cal in­dus­try leader in Kuwait and through­out the Mid­dle East, and a grow­ing leader world­wide.

In ad­di­tion to man­u­fac­tur­ing and mar­ket­ing fer­til­iz­ers, olefins and aro­mat­ics in Kuwait, the Petro­chem­i­cal In­dus­tries Com­pany (PIC) par­tic­i­pates in mul­ti­ple joint ven­tures that also pro­duce and market chem­i­cals both lo­cally and in­ter­na­tion­ally.

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.