PIC Is Expecting an Annual 46 Percent Increase in Its Production Capacity

The Western Asian Arab country of Kuwait’s state owned petrochemical firm, Petrochemical Industries Company (PIC) is expecting an annual 46 percent increase in its production capacity after the initiation of new strategic projects for manufacturing petrochemical products, which are set for completion in 2030, according to Nasser Al Enezi, director of comprehensive planning at PIC.

The state-owned petrochemical company plans to expand its production of various petrochemical products including methanol, polypropylene, polyethylene, paraxylene, and benzene, reports Kuwait News Agency.

Mr. Al Enezi said the growth in these sectors will continue in the coming years and a number of strategic projects have been targeted for execution until 2030.

PIC would be approaching these strategic projects on three fronts, building new projects in and out of Kuwait which depend on raw materials, or feedstock, taking over petrochemical companies abroad, and integration between the company's foreign as well as local-based activities, he added.

The strategic projects include an integrated refinery and petrochemical project in China, as well as the locally-based Olefins III project, the Aromatics Complex II project, and a planned Olefins IV project.

Mr. Enezi said PIC is doing its best to complete the two domestic Olefins III and Aromatics Complex II projects with the support of its parent company Kuwait Petroleum Corporation (KPC) and Kuwait National Petroleum Company (KNPC).

The company also expects to expand its production from 8.2 million tons to 12 million tons annually in the olefins, aromatics and specialty chemical sectors.