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Published Date : 08 Feb 2015
QPIC celebrates its 10yr partnership success

Kuwait City, 8 February, 2015 - Qurain Petrochemical Industries Company (QPIC) celebrated on Wednesday, 4 February 2015, ten years of successful partnership with Kuwait Petroleum Corporation (KPC), its subsidiaries and affiliates. The event was held in Chairman’s Club in Kipco Tower, and brought together leading decision makers and executives in Kuwait’s oil, gas and petrochemical sectors. The guest of honor was H.E. Dr. Ali Saleh Al-Omair, Kuwait’s Minister of Petroleum, State Minister of National Assembly Affairs, and KPC Chairman. At the commencement of the event, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, QPIC Chairman, welcomed the guests and said: “It gives me great pleasure to welcome you all to celebrate our successful partnership of ten years along with KPC, its subsidiaries and affiliates. A partnership that started since the establishment of QPIC in November of 2004 as an initiative by the Kuwaiti government to engage the private sector into petrochemicals through KPC’s petrochemical arm, Petrochemical Industries company in the largest Initial Public Offering the country had seen at that time, and through which the shareholding agreement was put in place with EQUATE, The Kuwait Olefins Company and Kuwait Aromatics. Today, ten years have passed, and we are proud to be here to celebrate our achievements with you, with wishes of another decade and more of successful partnership.” On his part, Mr. Sadoun Ali, QPIC Vice Chairman and CEO, said: “QPIC continuously aspires to forge partnerships that enhance its presence in the petrochemical sector and push forward the country’s economic development. A good example is the model of EQUATE Petrochemicals, and later, The Kuwait Olefins Company – considered one of the most successful Public Private Partnership Kuwait has witnessed in the petrochemical sector.” He added: “I would like to express our appreciation and gratitude for all the efforts to set the Paraxylene project back on track, and we look forward to further positive steps to be taken throughout the current year, especially with recent market developments. I would also like to wish you all many more years of success in work and partnerships.“ -END- Notes to Editors: Established in 2004, Qurain Petrochemical Industries Company (QPIC) is a holding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares distributed to over 450 thousand shareholders across Kuwait, and focuses on investing within the Energy & Industrial sectors. The company was founded with a clear direction from the government of Kuwait represented by the Petrochemical Industries Company (PIC) in order to engage the private sector to participate within the Oil&Gas sector and create local industries that adds value to our national economy. Our Investments portfolio combines stakes of Kuwait’s largest petrochemical projects such as Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO). In addition to our significant stakes being a majority shareholder in Saudia Dairy & Foodstuff Company (SADAFCO), United Oil Projects (UOP), as well as National Petroleum Services Company (NAPESCO). QPIC is a subsidiary of Kuwait Projects Company (KIPCO) - which is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 30 September 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors. For further information, please visit: www.qpic-kw.com or contact: Abdul-Hameed Malhas Corporate Communication & Relation Officer Tel: +965-2294-3232 Ext: 2012 Email: Malhas@qpic-kw.com Nabil F. Fayed Administrative Affairs Manager Tel: +965-2294-3232 Ext: 2041 Email: Nabil@qpic-kw.com