Kuwait- PIC forecasts KD 180 mln in profits by fiscal yearend
Date
12/14/2015 5:16:49 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Dec 14 (KUNA) -- Cheif Executive Officer (CEO) of Kuwait Petrochemical Industries Company (PIC) Asaad Ahmed Al-Saad has anticipated the company's profits to reach 180 million dinars at the end of the fiscal year on March 31.Al-Saad said in a press statement that the company has made a lot of achievements in 2015 chiefly the posting of 140 million Kuwaiti dinars in earnings so far compared to 127 million dinars in the estimated budget.He pointed out that these results are good in light of the sharp drop in world oil prices and the intense competition in the petrochemical market which has had a direct impact on the company's profits in addition to other factors that have influenced the decline in profitability.Al-Saad explained that the current challenges require strategic outlook to search for real opportunities in areas with abundance in the appropriate feedstock for the petrochemical industry in addition to competitive prices the presence of a catalyst and a stable investment climate that increases the chances of success of the projects related to the petrochemical and derivatives industry and the creationof a global entity to reduce costs and achieve the highest return on investment.He pointed to the signing last year of an agreement between MI Global and Dow Chemical company throught which Dow would provide 400000 tons per year of ethylene making the primary feedstock for the construction of a plant for ethylene glycol with production capacity of 750000 tons per year in the US Gulf Coast.On the human element Al-Saad explained that the company is working to develop its human element through many training courses in addition to the functional link project to enable workers to participate in the company's management.(end) asj.tg
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