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Sun 10 Jan 2010 02:58 PM

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Kuwait's PIC sees 2009/10 profits down 36%

Petrochemical firm chief says he expects profit of $227m, sees market improving in 2010.

Kuwait's Petrochemical Industries Company (PIC) said on Sunday it is expecting a profit of KD65 million ($227m) in the financial year 2009/2010.

Speaking to KUNA News Agency, PIC chairman and managing director Maha Mulla Husain said that profits were expected to be KD38 million less than the previous year due to the effect of the world economic crisis on the international market, as well as starting operations in a number of PIC's factories.

The economic crisis negatively affected the petrochemical industry in general, she told the news agency, adding that the prices of some petrochemicals only began to increase towards the end of 2009.

She said she expected 2010 to be better than 2009 for the company, a unit of state-run Kuwait Petroleum Corporation, and that the conditions of the international market would improve.

On the plans to build a huge petrochemical complex in China, she said a final decision would be taken before the end of the first half of 2010.

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