KUNA releases 16th edition of oil industry quarterly

Kuwait News Agency released Sunday the 16th edition of a comprehensive quarterly report on the latest oil industry developments in the energy-producing and exporting Gulf nation.
This edition, which comprises three chapters, focuses on the most important developments related to the performance of Kuwait's petrochemical sector, global oil market, specially the recent oil price shrink, and various other key industry issues.
"The first chapter shed lights on the new projects of Kuwait Petrochemical Industries Company (PIC) especially its world-scale olefins project, its aromatic project in India as well as the expansion of its investments in Bahrain," Awatef Al-Hasawi, KUNA Deputy Chief Editor for the Economic News Department, said in press statement.
She stated that the PIC's Chief Executive Officer Saad Al-Saad is providing KUNA report with details about the company's growth strategies and plans.
"The chapter also tackles PIC's three-dimension plan for growth and development," Al-Hasawi said.
She unveiled that PIC plans to expand at home through establishing new projects and would expand abroad through the acquisition of major plants and companies and beef up its strategic partnerships around the world particularly in the fast-growing regions.
Al-Hasawi added that the report touches upon significant contribution of the PIC and the petrochemical sector in the national economy.
PIC is subsidiary of the Kuwait Petroleum Corporation (KPC) and is a petrochemical industry leader in Kuwait and throughout the Middle East, and a growing leader worldwide. In addition to manufacturing and marketing fertilizers, olefins and aromatics in Kuwait, it participates in multiple joint ventures that also produce and market chemicals both locally and internationally.
"Chapter two is dedicated to the rapid changes on global oil markets in the third quarter of 2014 which has seen the start of the oil price sharp deterioration," she added.
The chapter also highlights the main factors behind the oil price slump, the developments and projects related to global oil demand and supply, she said.
"Meanwhile, chapter three features the international petroleum exchanges, mechanisms and role in determining price of oil," Al-Haswai pointed out.
She concluded that the report includes interviews with industry experts, business leaders, statistics and information tables and charts based on credible and reliable data released by local, regional and international organizations.
The Arabic version of the report is available for download on KUNA's Arabic website.
KUNA Economic News Department releases a petroleum report every four months and a comprehensive economic report on a half-year basis.