PIC plans $10 billion worth of projects

Kuwait's Petrochemical Industries Co has announced that over the next four years, it will invest US$10 billion into a series of projects. The news has come as the firm cancelled a venture with Dow Chemical Co which would see it expand its operations.

Among the series of projects that PIC will invest in include the building of a third mixed-feed olefins facility, estimated to cost about US$5 billion with an annual output capacity of 1.4 million tons of ethylene.

In an interview, company Chairwoman and Managing Director Maha Mulla Hussein said that PIC's share in a proposed refinery and petrochemical complex costing about US$9 billion in China's Guangdong province is also part of the company's projects.

Putting the pressure on BP

Kuwait has also in recent days commented on its stake in BP saying it is satisfied, but may increase its holding if market conditions are favourable.

Speaking to the press in Moscow, Sheikh Ahmad al-Abdullah al-Sabah said, "We already have a stake there,"

"If Kuwait investment authorities see that there are more attractive opportunities, I am sure they will take them depending on the situation in the market."

BP may have recently finally sealed the leak in the Gulf of Mexico but has announced plans o dispose of as much as US$30 billion in assets in the next 18 months to raise cash to meet the costs of the clean-up operation.

Kuwait Investment Authority, the country's sovereign wealth fund, said on Monday it didn't receive any request from BP to increase its stake in the company, which is currently 1.75 percent

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