(MENAFN - Kuwait News Agency (KUNA)) Energy experts and leading industrialists at the ongoing Kuwait Investment Forum on Sunday urged tapping into Kuwait's huge potentials in the petrochemical industry.
The speakers agreed that this industry is full of promise and could lead the country to a better future provided that the companies investing in it are given the necessary support.
Addressing a sideline panel discussion on "investment in the oil and petrochemical industries," Chairperson and Managing Director of Petrochemical Industries Company (PIC) Maha Mulla Hussein said: "The petrochemical industry accounts for 4.5 percent of Kuwait's GDP and employs 9,000 workers." "PIC is planning to produce innovative products that will introduce new industries to Kuwait," she said, noting that the company has more to offer in the future.
She added that the successful policy of her company helped secure profits of KD 264 million this year.
Meanwhile, CEO of EQUATE Mohammad Hussein said his company has made net profits of USD 5.6 billion since the start of its operations in 1997; the figure represents seven times more than the initial capital of the company.
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).
"Kuwait needs to create at least 1.25 million jobs by the year 2030 to meet the growth of population in this period," Hussein added.
On his part, Dana Gas CEO Ahmad Al-Arbeed highlighted the need for better use of the country's natural and human resources.
"Kuwait has all potentials necessary for becoming the capital of the world's oil industry thanks to its geographical location in the middle of the oil basin of the Arabian Gulf," he underscored.
Al-Arbeed suggested establishing a research center for the oil industry in order to make this industry an environment friendly one.
Chairman of Kuwait Industries Union Hussein Al-Kharafi called for adopting a practical approach to the development of the energy sector and putting in full play the role of the youth.
Dr. Mishaal Al-Samhan, a Kuwaiti oil expert, blamed the hesitant development of the country's petrochemical sector on the local media, noting that many decision-makers refrain from adopting ambitious plans for fear of media campaigns.
