Mr. Al-Ajmi explained that PIC intends to obtain the Responsible Care Certificate (RC 14001/2008) during th current Fiscal Year, which will provide a framework for sustainable and controllable operational performance in HSE domains.
He pointed out that PIC always seeks, through marketers, to concentrate on the most growing and product-demanding markets in a way that ensures the best prices for its products and further seeks to open new markets whenever that guarantees better revenues.
The details are as follows:
Would you kindly shed light on the most important financial results PIC made during the previous Fiscal Year (FY) 201/2011?
PIC actual profits for FY 2010/2011amounted to KD 177.6 million according to the company's non-audited financial statements vis-à-vis KD 97.2 million in virtual profits for the same year by rate of 180%. Actual profits for FY 2009/2010 increased by almost 214% amounting to KD 94.8 million.
What are the most important achievements PIC made during the previous FY?
The most important achievements can be summed up as follows:
a. Obtaining in March 2011 from various Chinese authorities the approvals necessary to start FEED for China project.
b. Finalizing the primary economic feasibility study of the 3r Olefins plant and agreement with KPC on a number of potential alternatives as feedstock of the project as these (alternatives) will be considered in the elaborate economic feasibility study during this year besides considering possible alternatives of the project site.
c. Implementing the project of extracting heavy aromatic material at Aromatics plants. The 1st shipment estimated at 5000 metric tons was exported to the Chinese market in January 2011.
d. During this year, PIC pursued applying the Six Sigma plans through implementing 100 projects and making a financial surplus estimated at around US$ 15 million. Oil sector companies KNPC, KOC and KOTC also participated in implementing the Six Sigma projects.
e. Obtaining OHSAS 18001: 2007 Occupational Health & Safety being an international standards certificate that includes all PIC facilities in addition to Bubiyan Club. Thus, PIC is the 1st industrial Kuwaiti company that comprehensively obtains this certificate.
f. Obtaining ISO 17020 for Inspection. This certificate includes a set of regular international standards that specify the levels of efficiency and independence requested for achieving inspection works according to international standards. PIC obtainment of this certificate is an international recognition of the company's full commitment to applying regular international inspection standards.
g. Designing and applying the Project Gate System-PGS to PIC major projects.
h. Designing PGS for implementing small projects (sPGS).
i. Restructuring PIC investment in manufacturing PTA/PET in Europe for the improvement of economies.
j. Obtaining the golden certificate ( Level 1 AQIS) for the urea product in the Australian market.
What are the most prominent features of the current FY and its difference from the previous FY?
For us, the previous FY ended as at March 2011 marked realizing many achievements that would lead to materializing the current year objectives, of which the most important are:
a. Implementing the elaborate feasibility study of the 3rd Olefins Project and obtaining KPC approval for going ahead in implementing the same.
b. Implementing the primary FEED of the China Project.
c. Approval of the integration projects between the refining and petrochemical activities and starting to implement the KPC approved projects.
d. Accomplishing the economic feasibility study of PTA/PET Project in Kuwait.
e. Obtaining Responsible Care certificate (RC 14001/2008).
i. RC Program provides a framework for a sustainable and controllable operational performance in HSE domains. The program also concentrates on the full value of the products, forms a marketing management able to attract new customers and to provide sound management of the risks of such products.
ii. RC Program provides a framework to apply and control management systems. This activity helps raise the efficiency of operations and strategic planning of the company.
iii. RC Program is an effective means to embody PIC commitment to internally improve the management towards the employees and externally towards the society and the sides with which PIC is dealing.
f. Applying Small Project Gate System (sPGS) to fertilizers sector.
Will the current year see new PIC projects?
This year we will concentrate on going ahead in realizing the plan for the two aforesaid projects, i.e. 3rd Olefins Plant and China project.
What are the most serious impediments facing the petrochemical industry at present and, is there any hedging against them this year?
The most important challenge for this industry is the availability of the proper feedstock that provides a good competitive potential in the markets against other producers. Another emerging issue has been the availability of industrial lands inside Kuwait as a new challenge. In cooperation with KPC and coordination with the government authorities concerned, PIC is seeking to overcome these difficulties and find the appropriate solutions.
How about the last developments regarding China refinery project?
The necessary approvals have been obtained from various Chinese authorities in March 2011 to start FEED for China project. Implementing the engineering study by the competent team is in process.
Does PIC intend to open new markets during the upcoming period, especially with anticipations of increased demand for petrochemical products?
PIC always seeks, through marketers, to concentrate on the most growing and product-demanding markets in a way that ensures the best prices for its products and further seeks to open new markets whenever that guarantees better revenues.
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