Petrochemical Industries of Kuwait Plans Projects Valued at $10 Billion

Petrochemical Industries Co. plans projects worth $10 billion over the next four years as the Kuwaiti company that canceled a venture with Dow Chemical Co. seeks to expand its operations.

PIC’s projects include building a third mixed-feed olefins facility, estimated to cost about $5 billion with an annual output capacity of 1.4 million tons of ethylene, Chairwoman and Managing Director Maha Mulla Hussein said today in an interview at the company’s headquarters south of Kuwait City.

PIC’s share in a proposed refinery and petrochemical complex costing about $9 billion in China’s Guangdong province is also part of the company’s projects, Hussein said.

Kuwait in December 2008 canceled a joint venture with Dow Chemical, the biggest U.S. chemical company.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

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