KUWAIT: GPIC PLANS USD 2 BLN EXPANSIONS – CEO

KUWAIT, Oct 16- The success of Gulf Petrochemical Industries Co (GPIC) in exporting 10 million tonnes of urea fertilizer to this moment reflects the scale of cooperation between its strategic partners, said CEO Abdulrahman Al-Jawahri.

The strategic partners within GPIC – Kuwait’s Petrochemical Industries Company, Saudi Arabia’s Sabic and Bahrain – have illustrated a true spirit of cooperation and teamwork, he said, congratulating the company on crossing the sales milestone after 14 years of operations.

GPIC is planning an expansion project of a cost worth USD 1.5 to 2 billion. This will be followed by approvals, with execution expected in 2015, added Al-Jawahri.

The plans on the company’s factories based in Bahrain are expected to increase production of Ammonia by around 2,200 tonnes and of urea granules by around 3,600 tonnes.

Currently, the company produces 700,000 tonnes of urea fertilizer, and since it was launched in 1985 has produced a total 12.5 million tonnes of urea and 12.2 tonnes of methanol, he added.

SOURCE: KUNA