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KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah yesterday inaugurated the Olefins II project in the southern Al-Shuaiba Industrial Zone. The petrochemical complex, which comprises three main factories - the new Olefins-II, Styrene and Aromatics facilities - is part of the Kuwaiti petrochemical industry's expansion strategy. The projects were carried out on schedule in an integrated site with shared facilities, service and manufacturing operations with the optimal use of petrochemical products.
In his speech at the opening ceremony, the Minister of Oil and Minister of Information Sheikh Ahmad Al-Abdullah Al-Sabah praised HH the Amir for his inauguration of the Olefins II project, which he said would push the Kuwaiti economy forward in line with the State's developmental plans. He also lauded HH the Amir's efforts in maintaining and preserving natural resources.
To put this strategy in place, the Petrochemical Industry Company (PIC) has adopted a blueprint based on strategic partnership with major world companies in order to obtain high-level technological, administrative and promotional experience," the Minister said. PIC's Managing Director, Maha Abdul Rahman Mulla Husain, said that the projects' launch has had a positive impact as it resulted in the reduction of the overall costs by approximately $330 million.
The plants are renowned for high efficiency and adherence to the highest international standards, with the projects completed while achieving over 50 million safe work hours," she said. "The project is positioned to boost Kuwait's GDP and create more employment, as well as providing support to the Kuwait's economy, as more than 30 percent of the construction and development contracts were assigned to local Kuwaiti companies. The involvement of local contractors and suppliers in such projects, shows the keenness for supporting their potential and capabilities and expanding their experience, Maha added.
Andrew N Liveris, Dow's Chairman and CEO, lauded the Amir for his wisdom and good governance, while congratulating the Kuwaiti government and people on the forthcoming National and Liberation Day anniversaries. Hailing the partnership between Dow and PIC, Andrew said "Greater Equate - the joint venture between the Dow Chemical Company and the Petrochemical Industry Company of Kuwait - is yet another example of the strong bonds as we work to build a better business. For 15 years, both companies have partnered together to create six joint ventures representing 25 separate legal entities around the world.
He continued, "Since the early 1990s, we have worked together to establish one successful joint venture after another, each of which has generated economic development and prosperity and has helped establish the State of Kuwait as one of the leading petrochemical producers in the world...For Dow, this marks an important milestone in our transformational strategy as we celebrate our long relationship, strong bond and mutual partnership. Dow and PIC have a great track record as partners, and we are excited to form this landmark joint venture that brings sustainable, long-term value to our companies and customers. For every decision we make, we have the future in mind.
Liveris also reiterated his company's commitment to investing in Kuwaiti infrastructure and industry and to driving sustainability in every aspect toward success, including that of shareholder values. The ceremony included the screening of two documentaries, one on Kuwait's history and one on plants and oil facilities in the state. After inaugurating the project, HH the Amir was presented with a commemorative gift to mark the event.
The inauguration ceremony was also attended by HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah, Deputy Chief of the National Guard Sheikh Meshaal Al-Ahmad Al-Sabah, HH the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah, and Acting Parliament Speaker Dulaihi Saad Al-Hajri and a number of other prominent figures. Also in attendance were the former parliamentary speaker Mohammad Al-Adsani, First Deputy Prime Minister and Minister of Defense Sheikh Jaber Al-Mubarak Al-Sabah, Deputy Minister of Amiri Diwan Affairs Sheikh Ali Jarrah Al-Sabah, and a host of senior state officials. The ceremony included the screening of two documentaries, one on Kuwait's history and one on plants and oil facilities in the state.