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PIC rides global demand to boost profi t by KD19.5 mln

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KUWAIT CITY, Aug 4: The Petrochemical Industries Company (PIC) announced a net profit of KD58.5 million for fiscal 2024/2025 – an increase of KD19.5 million or 33.3 percent compared to the profit of KD39 million in the last fiscal year. Oil sector sources pointed out that this strong financial performance was achieved despite the challenges posed by geopolitical instability; specifically, the disruptions in global supply chains and widespread shift to long-haul shipping routes, which significantly increased logistics costs. Sources attributed the company’s robust performance to several factors as follows:

  • Rising global demand for petrochemical products,
  • Strict cost rationalization policy,
  • Continuous development of operational processes,
  • Strategic support and investment in local and international companies where PIC holds significant stakes. Sources stated that these initiatives have not only bolstered PIC’s revenues but also positively impacted the overall profitability of Kuwait Petroleum Corporation (KPC) — its parent company.

Strategic Acquisitions and International Expansion Looking ahead, PIC is well-positioned for continuous profitability, driven by recent and upcoming acquisitions approved by KPC.

Among the most significant is the April 2025 agreement with China’s Wanhua Chemical Group to acquire a 25 percent stake in a group of petrochemical plants in Yantai, China. The deal covers several high-value industrial units, including propylene oxide, tert-butyl alcohol, acrylic acid, butyl acrylate, and other specialty chemical products PIC is also evaluating new investment opportunities, both locally and internationally, over the next two years, with the aim of expanding its chemical production portfolio.

Its current investment portfolio includes 80 percent stake in Kuwait Paraxylene Production Company (KPPC), 46 percent in Kuwait Stearin Company (KTSC), 24.5 percent in Equate Petrochemical Company (EQUATE), 42.5 percent in The Kuwait Olefins Company (TKOC), 33.3 percent in Gulf Petrochemical Industries Company (GPIC), 25 percent in SK Advance (South Korea) and 49 percent in SKPIC Global (South Korea) The company reaffirmed its commitment to environmental stewardship, emphasizing ongoing initiatives to reduce industrial pollutants and support Kuwait’s national goal of carbon neutrality by 2050. Furthermore, PIC’s strategic direction aligns with the 2040 strategy of KPC, aiming to strengthen Kuwait’s position as a leading player in the global petrochemical industry.

Meanwhile, the Central Agency for Public Tenders (CAPT) has announced the extension of the deadline for submitting bids for the Kuwait Oil Company (KOC) tender to establish a new excess water injection network in Rawdatain in North Kuwait until Aug 19, instead of Aug 5. It was also published in Kuwait Al-Youm that the tender for the construction and installation of the fourth water injection station in the South Kuwait, affiliated with KOC, was postponed until Aug 26, instead of Aug 5.

The tender for the construction and installation of separation center three and water injection station three in South Kuwait was postponed until Aug 19, instead of Aug 5. Moreover, CAPT postponed the submission of bids for the KOC tender for the construction and installation of the oil separation center one and water injection station one in East Kuwait until Aug 26, instead of Aug 5.

By Najeh Bilal
Al-Seyassah/Arab Times Staff

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Kuwait-China ministerial committee advances key development projects

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His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah chaired a meeting of the Ministerial Committee at Bayan Palace on Thursday to follow up on the implementation status of agreements and memoranda of understanding signed between the governments of the State of Kuwait and the friendly People’s Republic of China.

KUWAIT CITY, Sept 18: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah chaired Thursday, at Bayan Palace, the 27th ministerial committee meeting to follow up on the implementation of agreements and memoranda of understanding signed between Kuwait and China. The meeting reviewed the latest progress in executing developmental projects included in the MoUs, especially cooperation in Mubarak Al-Kabeer Port, electricity systems, renewable energy, low-carbon recycling, housing, environmental infrastructure, free zones, and economic zones.

The meeting examined the outcomes of Chinese delegations’ visits this month, regarding cooperation between Kuwait and Chinese companies in environmental fields, afforestation, combating desertification, and ensuring effective collaboration to implement the agreed development initiatives efficiently and sustainably. His Highness directed committee members to ensure the strict implementation of signed agreements with major Chinese government companies, emphasizing adherence to strategic plans to achieve the intended results within the specified timeframes, ensuring proper execution of all projects. Assistant Foreign Minister for Asian Affairs, committee member and rapporteur Samih Jawhar Hayat, stated that the meeting discussed major development projects, reviewed upcoming Chinese delegations’ agendas, and highlighted that the Chinese state company will begin phases three and four of renewable energy projects, emphasizing Kuwait’s commitment to advancing joint initiatives and strengthening bilateral cooperation.

The meeting was attended by Head of the Prime Minister’s Office Abdulaziz Al-Dakheel, Minister of Public Works Noura Al-Mashaan, Minister of State for Municipality Affairs and Housing Abdullatif Al-Mishari, Minister of Electricity, Water and Renewable Energy and Minister of Finance and Acting Minister of State for Economic and Investment Affairs Sabeeh Al- Mukhaizem, Director General of the Direct Investment Promotion Authority Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Head of Fatwa and Legislation Office Salah Al-Majid, Undersecretary of the Ministry of Defense Abdullah Al-Sabah, and Assistant Foreign Minister for Asian Affairs and Member and Rapporteur of the Ministerial Committee Samih Jawhar Hayat.(KUNA)

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Kuwait Oil Company begins commercial production at the Mitribah field

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Kuwait Oil Company begins commercial production at the Mitribah field

Kuwait Oil Company CEO Ahmad Al-Eidan delivers his speech

KUWAIT CITY, Sept 18:  Kuwait Oil Company (KOC) has officially begun commercial production at the Mitribah oil field in northwestern Kuwait, CEO Ahmad Al‑Eidan announced Thursday, marking a major milestone in the company’s strategic expansion.

Al‑Eidan, speaking at a ceremony in Ahmadi City under the patronage of Oil Minister Tareq Al‑Roumi, described the launch as more than just completing a project. He called it “a living testimony” to the determination, innovation, and cooperative spirit within KOC.

He said Mitribah now joins KOC’s productive assets, giving “a strong push” to the company’s strategic path. Reflecting on his own history with the field, Al‑Eidan recalled his early work in the 1990s as a geologist in KOC’s exploration group, witnessing its development through many years.

Al‑Eidan explained that the milestone comes at a pivotal moment for KOC, which recently undertook a major organizational restructuring designed to enhance efficiency, sharpen its vision, and boost momentum across all its sectors. A key outcome of that reorganisation is the formation of the “New Exploration Group,” aimed at accelerating the process from exploration to production—especially in complex or unconventional reservoirs.

He pointed out that Mitribah is the first major achievement under this new structure. Institutional support and a clear strategic vision, he said, helped reduce project timelines, mitigate risks, and strengthen Kuwait’s position in global oil production.

Al‑Eidan praised the work of specialized geologists, engineers, planners, operators, and technical support staff. He also acknowledged the role of partners and contractors, whose cooperation and commitment he said were essential to overcoming infrastructure challenges and deploying advanced technologies efficiently.

He added that this achievement is not the end but the start of a more ambitious journey. He called on all involved to maintain momentum, continue adopting the latest technical solutions, and foster a culture of innovation and excellence, united by a strong sense of responsibility and teamwork.

Commercial output from Mitribah officially began on June 15, 2025, after connecting several wells to KOC’s production facilities. The field, located in a previously undeveloped stretch in northwest Kuwait, covers more than 230 square kilometres and lies outside the area of fields already operated by the company. Light oil with commercial viability was first discovered there in 2009. One of the major technical challenges was managing hydrogen sulfide gas concentrations of up to 40 percent, which contributed to delays in production start‑up.

The CEO of Kuwait Oil Company presents commemorative gifts to the Minister of Oil.

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US-Arab Chamber of Commerce names Kuwaiti Al-Mudhaf as new Director of External Affairs

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US-Arab Chamber of Commerce names Kuwaiti Al-Mudhaf as new Director of External Affairs

Kuwaiti Fawaz Al-Mudhaf appointed director of External Affairs at US-Arab Chamber of Commerce

WASHINGTON, Sept 18:  The US-Arab Chamber of Commerce has appointed Kuwaiti national Fawaz Al-Mudhaf as its new Director of External Affairs, in a strategic move aimed at deepening US-Arab economic ties and empowering emerging regional talent.

The announcement, made on Wednesday, reflects the Chamber’s broader vision to enhance cross-border cooperation and nurture young leaders capable of navigating the evolving landscape of global trade and diplomacy.

“This appointment embodies the Chamber’s commitment to developing regional talent that contributes to and enhances cross-border cooperation,” the Chamber stated in a press release. It added that the selection of Al-Mudhaf aligns with the organization’s goal of equipping emerging leaders to adapt to rapid transformations in US-Arab economic and diplomatic relations.

Al-Mudhaf is expected to spearhead the Chamber’s external affairs strategy, focusing on strengthening relations with decision-makers, global companies, and major institutions in both the United States and the Arab world. His leadership will be crucial at a time of shifting global alliances, new trade priorities, and the increasing need for international collaboration.

Expressing gratitude for the appointment, Al-Mudhaf said the role is “both an honor and a responsibility.” He emphasized that the US-Arab Chamber of Commerce is “more than just a business platform,” calling it “a trusted forum for dialogue, mutual respect, and opportunities for joint cooperation that strengthen ties between peoples.”

He affirmed his commitment to the Chamber’s mission, pledging to serve “with all sincerity” and to help consolidate US-Arab partnerships at a time when, he noted, “international communication has become more urgent than ever.”

Chamber President and CEO David Hamod praised Al-Mudhaf’s appointment, stating, “We are extremely proud of Fawaz, who is a fundamental pillar of the Chamber’s team. He is a fine example of a young Kuwaiti who is leaving an influential mark on the international scene.” Hamod added that Al-Mudhaf’s contributions are a “fundamental pillar in the Chamber’s success story.”

The US-Arab Chamber of Commerce, established over 50 years ago, is widely recognized as the oldest American organization dedicated to advancing US-Arab trade. It is often described as the “first commercial gateway” to the Middle East and North Africa for the United States.

As an independent, membership-based organization, the Chamber boasts over 50 members and partners and is the only American trade body officially recognized by both the League of Arab States and the Union of Arab Chambers. It continues to serve as a preeminent voice for American business interests in the Arab world, working to strengthen economic partnerships across the region.

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