PIC chief predicts petrochemicals to exceed 50 pcnt of non-oil income

KUWAIT, April 15 (KUNA) -- Kuwait Petrochemical Industries Company (PIC) CEO Asaad Ahmad Al-Saad said here on Tuesday petrochemical industry will be an influential source of the country's national non-oil income, expecting it to exceed 50 percent of non-oil earnings.
Speaking at the 3rd Kuwait Oil & Gas Summit & Exhibition, which kicked off here on Monday, Al-Saad said his company is seeking to boost petrochemical earnings to make up over 50 percent of Kuwait's non-oil income.
The PIC's petrochemical development strategy is based on the expansion of Aromatics and Olefins III projects and invasion of specialized petrochemical industry, he elaborated.
On his part, Kuwait Petroleum International (Q8) CEO Bakhit Al-Rashidi said his company had concluded an engineering, supply and construction contract with Japan's Idemitsu Kosan Co and Mitsui Chemicals Inc. and PetroVietnam for the Vietnam oil refinery, expecting it to start operating by 2017 with a refining capacity of 200,000 barrels per day.
He said his company gives a priority to reducing risks and invading new high-growth areas in the near future.
Kuwait Petroleum International (Q8) is the international marketing arm of Kuwait Petroleum Corporation, the state-owned entity responsible for Kuwait's hydrocarbon interests throughout the world.
The 3rd Kuwait Oil & Gas Summit & Exhibition, officially hosted by the Kuwait Petroleum Corporation (KPC), is the strategic meeting place for the Kuwait oil and gas industry.
The Summit has a reputation for delivering quality and excellence, whilst playing a critical role in helping to set the agenda for sustainable growth. The program for 2014 will include forward-thinking debate on capacity building, efficiency and cooperation, with a focus on the policies, investment and skills needed to realize Kuwait's strategic oil and gas objectives. (end) osj.abd.mt