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TRANSCRIPT
PETROCHEMICAL INDUSTRIES COMPANY
PICKUWAITONLINE
PIC_KW
COMUNICATION PIC
WWW.PIC.COM.KW
CONTENTS
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Brief History
PIC Vision
PIC Mission
K-Values
PIC Products
Product Quality
PIC Investments
Chief Executive Officers (CEOs)
PIC Profit During Previous Years1
Brief History
PIC was established in 1963. It is currently a subsidiary of Kuwait Petroleum
Corporation (KPC), a governmental umbrella organization for Oil Sector Companies,
headquartered in Kuwait City. PIC’s authorized capital is KD 600 million.
In 1967, the first Kuwaiti fertilizer industry complex was established in Shuaiba
Industrial Area. Thereafter, it was expanded and Modernized to increase its production
capacity and product mix.
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PIC invested in establishing Gulf Petrochemical Industries Company (GPIC) in 1979.
GPIC is a joint venture of National Oil and Gas Holding Company from the Kingdom
of Bahrain, SABIC Company from Saudi Arabia and PIC in equal partnership. GPIC
complex started production in 1985.
PIC signed a Memorandum of Understanding (MoU) with “Union Carbide Corporation
(UCC)” for building a Petrochemical complex in Shuaiba Industrial Area, in 1993. A
Joint Venture named “EQUATE Petrochemical Company (EQUATE) was established
with PIC, UCC & Bubyan Petrochemical Company. Production in the Olefins Complex
thus established began late in 1997. UCC was acquired by DOW Chemical in 2001.
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In 1993 PIC Constructed a Polypropylene Plant within Shuaiba Industrial Area under licence
from UCC. Production started in 1997.
In 2004 PIC entered into a Joint Ventures and established the following companies in Kuwait:
The Kuwait Olefins Company (TKOC) between PIC (42.5%), The Dow Chemical Company
(TDCC) (42.5%) with local private participation of Bubyan Petrochemical Company (9%)
and Qurain Petrochemical Industries Company (6%) for producing Ethylene Glycol. TKOC
began production in late 2008.
The Kuwait Aromatics Company (TKAC) Between PIC (40%), Kuwait National Petroleum
Company (40%) and Qurain Petrochemical Industries Company (20%) for producing
Paraxylene and Styrene. Production began in early 2009. PIC divested 20% shares to KNPC
in 2018 reducing its holding to 20% and increasing that of KNPC to 60%.
In 2004, PIC acquired Interests in The Dow Chemical Company’s plants in Canada and Germany
and established joint ventures named MEGlobal and Equipolymers for producing Ethylene
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Glycol and PET respectively with equal shares. Equipolymers was later merged into MEGlobal
and MEGlobal was subsequently sold to EQUATE in 2017.
In 2016, PIC acquired 25% interest in SK Advanced Company existing plants in South Korea
through a joint venture agreement with Korean SK Gas and Saudi AGIC for producing
Propylene. The Propylene plant was inaugurated on 14th May 2016.
In 2017, PIC entered Joint Venture Agreements with Pembina Pipeline Corporation (Pembina)
a Calgary, Canada based company for building a Polypropylene plant in the province of
Alberta, Canada.
In 2018, the company exited the fertilizer business and closed down its Fertilizer Plant in
Shuaiba Industrial Area in line with KPC’s 2030 Strategy.
In 2019, PIC signed an agreement to acquire 49% of the chemicals business of the SK Chemicals
“SKC”, Korea. The agreement stipulates establishing a joint venture company between the
two parties in Propylene Oxide and Propylene Glycol Business segment.
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PIC Vision
To be a global petrochemical company committed to
adding value to Kuwait’s national resources.
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PIC Mission
As the leading petrochemical arm of Kuwait, PIC develops, operates
and optimizes assets to market products that meet customer needs
through:
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K-Values
الفري�ق الواحد اإلبت�كاراإلستقامة
التمّيز االهتمام بالعنصرالشراكةالبشري
االلتزام بالصحةوالسالمة واألمن
والبيئة
اإلعتزاز
ONE TEAMINTEGRITY INNOVATION
EXCELLENCEPARTNERSHIP CARING FORPEOPLE
COMMITMENTTO HSSE
PRIDE
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1. Liquid Ammonia.
2. Granular Urea.
3. Methanol.
4. Polypropylene.
5. Polyethylene.
6. Propylene.
7. Benzene.
8. Paraxylene.
9. Polyethylene Terephthalate (PET).
10. Ethylene Glycol.
11. Styrene.
PIC Products
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PIC seeks to provide different solutions and high quality products according to
international standards for the safety of consumers and environment.
Product Quality
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The Company Investments
Equate Petrochemical Company
EQUATE Petrochemical Company was established in 1995.
Products: It annually produces 800,000 tons of Ethylene which is used to produce 825,000 tons of Polyethylene and 500,000 tons of Ethylene Glycol annually.
Location: Shuaiba Industrial Area- State of Kuwait.
It also operates PIC’s Polypropylene unit.
With the acquisition of MEGlobal in 2017 EQUATE became a Key Global Player in production and marketing of petrochemicals.
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The Kuwait Olefins Company (TKOC)
TKOC was established in 2004.
The company products: 850,000 tons of Ethylene and 600,000 tons of Ethylene Glycol annually.
Location: Shuaiba Industrial Area- State of Kuwait.
Qurain Petrochemical Industries Company (QPIC)
QPIC was established in 2004. It is a shareholding company with shares listed in Kuwait Stock Exchange. PIC holds 10% share. QPIC has shares in each of the following companies:
• 6% in Equate Petrochemical Company.
• 6% in The Kuwait Olefins Company (TKOC).
• 20% in The Kuwait Aromatics Company (TKAC).
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The Kuwait Aromatics Company (TKAC)
TKAC was established in 2004. PIC owns 20% in TKAC, KNPC 60% and the Kuwait private sector represented by Qurain Petrochemical Industries Company 20%.
The company owns shares of:
The Kuwait Styrene Company (TKSC)
TKAC (57.5%) and TDCC (42.5%)
Production volume: 450,000 tons of styrene monomer annually.
Location: Shuaiba Industrial Area- State of Kuwait.
Kuwait Paraxylene Production Company (KPPC)
Fully owned by TKAC.
Products: 780,000 tons of Paraxylene and 370,000 tons of benzene annually.
By-products: heavy aromatics, light naphtha, liquid butane gas, hydrogen gas (11,430 tons annually).
Location: Shuaiba Industrial Area- State of Kuwait.
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Gulf Petrochemical Industries Company (GPIC) (B.S.C) - Kingdom of Bahrain
The company was established on 5th December 1979 as a joint venture between each of the Kingdom of Bahrain, the State of Kuwait and the Kingdom of Saudi Arabia with a share of 33.33% each.
SK-Advanced Company
It is a joint venture between Korean SK Gas 45% and Saudi AGIC 30% and PIC 25%. It’s producing 600,000 tons of Propylene. The Propylene plant was inaugurated on 14th May 2016.
Feed Stock supplied principally from KPC.
Kuwait-Vietnam Petrochemical Company (KVPK)
The company was established on 22nd December 2017 to market petrochemical products in Vietnam and South East Asia. The company is fully owned by PIC and is currently marketing Polypropylene from NSRP Plant, a strategic joint venture between the State of Kuwait, Japan and Vietnam.
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PIC is KPC Strategic Arm in Petrochemical Products
PIC has expertise and ability in petrochemical marketing, being a leading
International producer and marketer of fertilizer and petrochemicals for over half
a century. In line with KPC strategic directions for 2040, PIC will be responsible for
marketing all petrochemicals produced by KPC subsidiaries and joint ventures in
order to maximize the value of Kuwaiti hydrocarbons.
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PIC’s strategy includes expansion in petrochemicals inside and outside Kuwait to
maintain its leading position in the sector by strengthening its relations with current
customers in its traditional markets and endeavouring to attract new customers
in emerging markets, e.g. North America and other markets through long-term
contracts to retain and expand its market share, avoid regional competition and
actively look for investment opportunities in the petrochemical industry.
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Ibrahim Mohammad Al-Shatti : 1963 - 1971
Abdul Baqi Al-Nouri : 1971 - 1990
Hani Abdul Aziz Hussein : 1990 - 1995
Khaled Saleh Bou Hamra : 1995 - 2001
Saad Ali Al-Shuwayeb : 2001 - 2007
Maha Mulla Hussein : 2007 - 2013
Asaad Al-Saad : 2013 - 2016
Mohammad Al-Farhood : 2016 - 2019
Mutlaq Al-A’zmi : 2019
Chief Executive Officers (CEOs)
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The Company Profits During the Previous Years
2018 - 2019 : KD 192 million
2017 - 2018 : KD 131 million
2016 - 2017 : KD 130 million
2015 - 2016 : KD 431 million
2014 - 2015 : KD 179 million
2013 - 2014 : KD 353 million
2012 - 2013 : KD 231 million
2011 - 2012 : KD 260 million
2010 - 2011 : KD 177 million
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