KUWAIT CITY, Feb 23, (KUNA): His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sponsored the inauguration ceremony, Tuesday, of a major petrochemicals project by EQUATE company, at southern Al-Shuaiba Industrial Zone.
The mega project concerns the “Olefins II” aromatics and oil derivatives project and a Styrene project.
The Amir was greeted upon arrival at the venue at 10:30 a.m. by Minister of Oil and Minister of Information Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah and senior oil sector officials.
The inauguration ceremony was attended by His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, senior Sheikhs, Deputy Chief of the National Guard Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, and Acting Parliament Speaker Dlaihi Saad Al-Hajri.
Also attending were former parliament speaker Mohammad Al-Adsani, First Deputy Prime Minister and Minister of Defense Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Deputy Minister of Amiri Diwan Affairs Sheikh Ali Jarrah Al-Sabah, and a host of senior state officials.

Customary
The ceremony began with the customary national anthem and recitation from the holy Quran, followed by speeches by the oil minister, Petrochemical Industries Company Chairman and Managing Director Maha Abdul Rahman Mulla Husain, and Chairman and CEO of The Dow Chemical Company Andrew N. Liveris.
The ceremony included screening of a documentary on Kuwait history and one on plants and oil facilities in the state, and His Highness the Amir was presented with a token commemorating the event ahead of leaving the venue.
Addressing the inaugural ceremony, Minister of Oil and Minister of Information Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah greatly thanked HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for sponsoring the inauguration of the “Olefins II” project which he said would lead to pushing forward the Kuwaiti national economy in line with the State development plan.
The Kuwait Petroleum Corporation (KPC) attaches much attention to expansion and growth in petrochemical industries which maximize the added value of investment in hydrocarbon substances, he said.
This strategic orientation is part of the State development plan and national efforts for maintaining and preserving natural resources as well as boosting relevant returns, the minister added.
To put this strategy in place, the Petrochemical Industry Company has adopted a blueprint based on strategic partnership with major world companies in order to obtain high technology and technical, administrative and promotional experience, and on the involvement of the Kuwaiti private sector through public subscription, he said.
The opening of the “Olefins II” aromatics and oil derivatives project and a Styrene project, which cost roughly KD 1.4 billion ($5 billion) is a completion of the successful march of “Olefins 1”, establishment of EQUATE company and concerted efforts of partners for choosing the most sophisticated technology and best environmental protection criteria, Sheikh Ahmad noted.

Drive
The five-year drive of the Kuwait Petroleum Corporation (KPC) and its subsidiaries include several major vital projects in the fields of refining, petrochemicals, exploration and production, especially in the gas domain, he added.
In this context, he pointed to the recent deal with Shell for developing Kuwaiti natural gas production, adding that the total spending of the plan is estimated at KD 22.7 billion ($77 billion).
A feasibility study is being carried out for the “Olefins III” which will be a key petrochemical project of the KPC’s five-year blueprint, the minister said.
The involvement of local contractors and suppliers in such projects, which make up 30 percent, shows the KPC’s keenness on shoring up their potential and capabilities and expanding their experience, he concluded.
Petrochemical Industries Company Chairman and Managing Director Maha Abdul Rahman Mulla Husain said the total cost of the just-opened projects hit around $5 billion.
State-of-the-art and highly competitive technology and high-quality safety, health and environmental criteria have been used in the designing and execution of the new projects, she said.
She spoke highly of the key role played by Equate Petrochemicals in running and operating the “Olefins I”, which posted profits of $4.4 billion in 2009 and employed and developed national human resources.
Thus, the company has gained the confidence of all partners to run, operate and maintain the “Olefins II” and other new projects, she added.

She also appreciated the effective role of Kuwaiti, Gulf and world banks in bankrolling the projects.
For his part, Chairman and CEO of the Dow Chemical Company Andrew N. Liveris began his speech by congratulating Kuwait on the celebration of the National Day and Liberation Day on Feb 25 and 26 respectively.
Hailing partnership between his company and Petrochemical Industry Company, he said: “Greater Equate — this joint venture between the Dow Chemical Company and Petrochemical Industry Company of Kuwait — is yet another example of the strong bonds that join us together as we work to build a better business and build better lives.” For 15 years, both companies have partnered together to create six joint ventures representing 25 separate legal entities around the world, he boasted.