This goal will be achieved with the building of new projects in Kuwait and abroad, acquiring petrochemical companies and integrating its domestic and foreign activities.
"There will be many changes which will aid drawing up the future of petrochemicals globally," said PIC's Director of Comprehensive Planning Nasser Al-Enezi. These include how the global market will react to the expected shale gas supply growth from North America.
PIC is also looking for investment opportunities to expand production of polypropylene, polyethylene, ethylene glycol, urea, ammonia, methanol, paraxylene, styrene and benzene, among other petrochemicals.
The company recently announced plans to build an aromatics plant in Kuwait with completion scheduled for the fourth quarter of this year. No other details were given.
In addition, PIC is partnering with Equate to build an Olefins III complex with more than 1-million t/y of capacity.