Mubasher: Kuwait-based Petrochemical Industries Company (PIC) has revealed that its petrochemical complex in the United States was scheduled to begin operations by the end of 2019.
The plant, which is in the engineering, procurement, and construction (EPC) phase will produce ethylene glycol (EG), Kuwait News Agency (KUNA) reported, citing PIC CEO and chairman Mohammed Al-Farhoud as saying.
PIC’s project in the US is being carried out with Kuwait-based Equate Group and is expected to produce 680,400 tonnes annually.
PIC is considering a number of opportunities to make significant acquisitions in petrochemical projects across the US, South Korea, and China, Al-Farhoud told KUNA during the 13th annual Gulf Petrochemicals and Chemicals Association (GPCA) forum in Dubai.
On a separate note, Al-Farhoud projected that petrochemical sales operations would grow to $6.8 trillion around the world by 2020, noting that petrochemical firms across the GCC have marked significant growth over the past few years, becoming major exporters in the field.
The field requires investment in modern technology and innovation, Al-Farhoud highlighted, saying that such investments would support the sector’s growth and bolster its performance.
