KUWAIT CITY, Aug 20: Kuwait Petroleum Corporation (KPC) is targeting greater private sector participation in the petrochemical industry, building on its successful experiences in and outside Kuwait. According to reliable sources, the approach of KPC for the coming period is based on several axes aimed at diversifying its income from the petrochemical sector. Sources revealed that KPC intends to provide more local and international petrochemical opportunities for the private sector, in line with its broader sectoral strategy. Sources said this move responds to the growing domestic demand for petrochemical materials driven by Kuwait’s rising population, while supporting the export of petrochemical products abroad—an additional source of profit for the corporation.

The Arab Times obtained a copy of the latest report of KPC, stating that the Petrochemical Industries Company (PIC) is pursuing expansion consistent with its vision of becoming a leading global petrochemical company. This vision is being advanced through the commitment of PIC to add value to national resources and its efforts to seize promising investment opportunities that enhance its global presence.

The company is planning new expansions to create more opportunities for partnerships with the private sector, thereby boosting its share in international markets. PIC is also working hard to strengthen its strategic partnerships through the acquisition of existing projects or by establishing new ones, both locally and abroad. Regarding investment opportunities in the People’s Republic of China, sources confirmed that PIC has completed a due diligence study for acquiring an existing petrochemical project, with its final offer accepted by the other party.

The company also secured approval from the KPC Board of Directors to proceed with this strategic investment, which is an important step toward entering a new market and expanding its global presence. As for the petrochemical project in Latin America, sources stated that due diligence for the acquisition—covering several countries including Brazil—has been completed, following approval from the Board of Directors of the company. This expansion is considered a milestone in establishing the company’s presence in an important new region and strengthening its standing in the global petrochemical sector. The report confirmed, as well, the preliminary approval from the founder of the fourth olefins project in Kuwait, confirming the availability of the required gas feedstock. Approval has also been granted by KPC to begin negotiations with a potential partner. The report stated that these achievements reflect the ongoing expansion strategy of the company and its determination to strengthen its global role in the petrochemical industry by building robust partnerships and capitalizing on sustainable investment opportunities.

By Najeh Bilal
Al-Seyassah/Arab Times Staff