Throughout our 50-year history, our story has been one of progress and possibilities. Established by an Amiri decree in 1963, PIC was the first chemical complex in Kuwait and the region. Our establishment was an important step in helping to diversify Kuwait's economy. Maximizing the value of Kuwait hydrocarbon resources remains an important part of our mission today. In 1966, our fertilizer plants were completed in the Shuaiba Industrial Area and, by 1989, the production capacity of our ammonia and urea complex was the biggest in the Middle East.
In the 1990s, PIC ventured into petrochemicals, realizing their long-term potential. In 1993, we signed a memorandum of understanding to set up a world-scale Olefins Complex. The project, one of the largest of its kind in the world, went on stream in late 1997. The project, which manufactures 650,000 tons of ethylene and its derivative polyethylene and ethylene glycol annually, was the first time these petrochemicals were produced in Kuwait.
In the decades following, PIC has diversified its portfolio and has become a significant player in petrochemicals, with both local and international investments. We participate in nearly a dozen
joint ventures. Through these joint ventures, we continue to invest in growth projects both inside and outside Kuwait. Most recently, PIC and its joint venture partners opened Kuwait's largest petrochemical complex, Olefins II, in 2008.
As we look to the future, we are committed to diversifying into new markets to grow our business and the Kuwait economy and are well positioned to be part of the global growth of the chemical industry.