(MENAFN - Kuwait News Agency (KUNA)) Kuwait Aromatics Company (Karo) is considering possibilities to increase profits and develop production, new chairman of the company Ahmad Al-Jimaz said here Wednesday.
"The new board is looking into a number of plans on the table to improve performance of the aromatics complex, boosting its flexibility in order to pump production levels up," Al-Jimaz told KUNA.
Al-Jimaz was named chairman of the major joint venture company owning aromatics and styrene facilities in Kuwait earlier today.
Al-Jimaz noted that the complex is being provided with 'Full Range Naphtha'; the raw material used in manufacturing aromatics.
Karo is a joint venture grouping Petrochemical Industries Company (PIC) with 40 percent, Kuwait National Petroleum Company (KNPC) with 40 percent, while Qurain Petrochemical Industries Company (QPIC) owns the remaining 20 percent.
With investments worth over USD two billion, Karo owns 100 percent of Kuwait Paraxylene Production Company (KPPC) with products including paraxylne, benzene and heavy aromatics. In addition, Karo owns a 57.5-percent stake in The Kuwait Styrene Company (TKSC) producing 450,000 MTA of styrene monomer.
Equate Petrochemical Company is the single operator of Greater Equate, which includes KPPC, TKSC and The Kuwait Olefins Company (TKOC) under one fully integrated operational umbrella at Kuwait's Shuaiba Industrial Area.