Field needs investment in modern technology, innovation
DUBAI, Nov 29, (KUNA): Growth in sales operations in the petrochemical field are expected to reach about $6.8 trillion around the world by 2020, said Kuwait’s Petrochemical Industries Company.
The GCC petrochemical industries grew prominently in the past years, leading the Gulf states to be among the top exporters in this field around the world, the company’s CEO Mohammad Al-Farhoud told KUNA on Wednesday, on the sidelines of Kuwait’s participation in the annual forum of the Gulf Petrochemicals and Chemicals Association (GPCA) held in Dubai. He noted that the field needs investment in modern technology and innovation in order to boost its performance. The forum titled “Executing Transformation and Investing in Growth,” will focus on strategies and steps taken by companies to enhance their transformation. It will also shed light on challenges of a changing business environment, cyber security and moving to a circular economy.
Meanwhile, Chairman of Kuwait’s Petrochemical Industries Company (PIC) Mohammed Al-Farhoud expected operation of the petrochemical complex project in the US to kick off in end 2019. Al-Farhoud, also chief officer (CEO) of the PIC, was speaking to Kuwait News Agency (KUNA) on sidelines of 13th Annual GPCA (The Gulf Petrochemicals and Chemicals Association) Forum, convening in Dubai, United Arab Emirates (UAE). Al-Farhoud said the project of petrochemical plant to produce Ethylene Glycol (EG) is currently in the engineering, procurement and construction phase.
The venture is carried out with EQUATE Group, he said, noting that the production capacity of the plant is 750,000 tons annually. He has revealed that he is currently analyzing a number of opportunities to acquire significant stakes in petrochemical projects in the US, South Korea and China. Over the fourth Olefins project to be built in Kuwait, he said that PIC would finalize economic and technical feasibilities study for Olefins IV, next year.
He pointed out that the PIC strategy of depending principally on the expansion of petrochemicals in and outside Kuwait in order to maintain its leading position in this industry. Al-Farhoud stressed keenness to participate in the Annual GPCA Forum, which is an opportunity to contact with pioneers of the petrochemicals and chemical industry. In the GPCA 2017, more than 2,000 international chemical executives gathered in Dubai to gain essential information, make new business connections and renew existing relation