Petrochemical Industries

What Petrochemical Industries does

Petrochemical Industries Company (PIC) is a Kuwaiti state-owned petrochemical manufacturer and wholly-owned subsidiary of Kuwait Petroleum Corporation (KPC), established in 1963 to diversify Kuwait's hydrocarbon value chain beyond upstream extraction. Operating from its headquarters in Safat and its principal production site in Shuaiba, PIC runs a portfolio organized into three product categories — polymers (61%), aromatics (23%), and fertilizers (16%) — serving global industrial manufacturers across packaging, automotive, construction, agriculture, and consumer goods. Its flagship asset is a polypropylene plant commissioned in 1997 using licensed UNIPOL PP technology, producing six differentiated grades (BOPP HF 029, Raffia HT 031, Thermoforming HS 030, Injection Molding HM 250, Spunbond HT 252, Fiber HT 251) through an integrated process chain spanning propylene purification, reaction, pelleting, packaging, and utilities.

PIC employs 400+ staff and currently operates at 9 MMT of annual petrochemical production capacity, with a stated strategic target of 14.5 Mtpa in base petrochemicals and 1.2 Mtpa in downstream derivatives by 2040. The company runs a sales-led, B2B direct distribution model, selling to industrial buyers across Kuwait, China, Korea, Vietnam, Bahrain, Qatar, the USA, Germany, and Spain. Pricing is contractually negotiated and not publicly disclosed. Revenue is generated primarily through one-time product sales rather than licensing or subscription arrangements, though PIC's growth strategy increasingly relies on M&A, joint ventures (seven active), and international partnerships — most notably a $638 million acquisition of a 25% stake in China's Wanhua Chemical Group completed in April 2025. ESG and circular-economy initiatives (Food-Grade PET with 25% recycled content via EQUATE, a 419 MWh solar partnership with NTEC, and a municipal waste-plastic-to-petroleum MOU with Kuwait Municipality) are positioned as both compliance and differentiation levers, supported by reporting under GRI and UNGC frameworks.

Name

Petrochemical Industries

Legal name

Petrochemical Industries Company

Website

https://pic.com.kw

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Petrochemical Industries Company (PIC) is a Kuwaiti state-owned petrochemical manufacturer and subsidiary of Kuwait Petroleum Corporation, producing polymers, aromatics, and fertilizers for global industrial buyers and targeting 14.5 Mtpa capacity by 2040.

Ownership category

akta.pro rank

Product category

Petrochemicals

NAICS

Petrochemical Manufacturing (325110), Petrochemical Manufacturing (32511)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Polyolefins (PE, PP) (IMAEADAD)

akta.pro secondary industries

Polyolefins (PE, PP) (IMAEANAA), Polyesters & PET Chain (PTA, MEG, PET) (IMAEADAG), Styrenics (Styrene Monomer, PS, EPS, ABS) (IMAEADAE)

Keywords

• Petrochemical manufacturing
• Polymer production
• Polypropylene manufacturing
• Aromatics chemicals
• Fertilizer production

Headquarters

HQ city

Safat

HQ country

Kuwait

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Petrochemical Product Sales: Revenue generated from manufacturing and selling petrochemical products including polymers, aromatics, and fertilizers to industrial customers globally

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

PIC manufactures and sells petrochemical products to industrial customers globally through three main categories: Polymers (61% of production) including polypropylene, polyethylene, ethylene glycol, and propylene oxide derivatives; Aromatics (23%) including benzene, paraxylene, styrene monomer, and PET; and Fertilizers (16%) including urea, ammonia, and methanol. The operational anchor is the Polypropylene Plant in Shuaiba, commissioned in 1997 using UNIPOL PP technology, producing multiple grades for packaging, textiles, automotive, and consumer goods applications.

Product overview

Petrochemical Industries Company (PIC) operates as a diversified petrochemical manufacturer with a unified product portfolio organized into three main categories: Polymers (61% of production), Aromatics (23%), and Fertilizers (16%). The company's core production asset is its Polypropylene Plant commissioned in 1997 using UNIPOL PP technology. PIC specializes in manufacturing and marketing high-quality chemicals integral to countless everyday products, from household items to industrial applications, serving global markets with essential chemicals that drive progress across various industries. The company is committed to expanding base petrochemicals to 14.5 Mtpa by 2040 and downstream derivatives to 1.2 Mtpa by 2040.

Differentiator

Problem solved

Functional benefit

Brands

• PIC: Petrochemical Industries Company - Kuwait's leading petrochemical producer manufacturing polymers, aromatics, and fertilizers for global markets.

Products and services

• Polypropylene Plant (PP Plant) A polypropylene production facility in Shuaiba that produces high-quality polypropylene using UNIPOL PP technology, supplying industrial customers in packaging, textiles, automotive, and consumer goods sectors.
• Polymers Polymer product portfolio comprising Propylene, Polypropylene (PP), Polyethylene (PE), Ethylene Glycol (EG), and Propylene Oxide (PO) derivatives used in plastic bags, rigid packaging, car parts, antifreeze, plastic furniture, pipes, and detergent bottles. Represents 61% of PIC's production.
• Aromatics Aromatics product portfolio including Benzene (BZ), Paraxylene (PX), Styrene Monomer (SM), and Polyethylene Terephthalate (PET) used in foam containers, insulation, capsule shells, bottles, paints, toys, and clothes. Represents 23% of PIC's production.
• Fertilizers Fertilizer product portfolio including Urea, Ammonia, and Methanol used as refrigerant gas, detergents, adhesives, agricultural inputs, and MDI foam. Represents 16% of PIC's production.

Quantifiable outcome

• Aiming for 14.5 million tonnes per year petrochemical production capacity by 2040
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Wanhua Chemical GroupcoreStrategic or Co-development Partner · 26 September 2025Kuwait Petroleum Corporation signed MOU with China's Wanhua Chemical Group, described as the largest Kuwaiti investment in China's growing petrochemicals industry. PIC had previously acquired a 25% stake in Wanhua for $638 million in April 2025. The partnership supports Kuwait's target to increase petrochemical production to 14.5 million tonnes per year by 2040.
• EQUATEcoreTechnology or IntegrationEQUATE introduced Food-Grade PET using up to 25% recycled material, reducing virgin PET use as part of PIC's environmental initiatives.
• SKC and SK picglobalminorStrategic or Co-development PartnerCollaboration with SKC and SK picglobal to commercialize eco-friendly plastics, supporting sustainable product development.
• Kuwait MunicipalityminorStrategic or Co-development PartnerMOU with Kuwait Municipality to convert municipal waste plastics into petroleum products, supporting circular economy initiatives.
• GPCA (Gulf Petrochemicals and Chemicals Association)minorOthersPIC is a founding member of GPCA and actively participates in committees and events, ensuring adherence to industry best practices.
• IFA (International Fertilizer Association)minorOthersPIC endorses IFA's 12 safety, health, and environmental principles as part of its governance and sustainability commitments.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• SABIC: Saudi Basic Industries Corporation is the Gulf's largest diversified petrochemicals producer manufacturing olefins, polyolefins, aromatics, and fertilizers globally. Directly comparable as a state-backed GCC petrochemical champion with overlapping polymer, aromatics, and fertilizer portfolios and similar ambitions in international JVs.
• EQUATE Petrochemical Company: Kuwait-based joint venture between PIC and Dow producing ethylene, polyethylene, and EG. Directly comparable as a Kuwait-domiciled polyolefins producer; PIC's largest downstream JV and a natural benchmark for PIC's PP and PE economics.
• Borouge: UAE-based polyolefins JV between ADNOC and Borealis producing polyethylene and polypropylene for infrastructure, packaging, and agriculture. Directly comparable as a Gulf polyolefins producer with state-owned parent backing and a focus on differentiated PE/PP grades.
• Wanhua Chemical Group: China's largest MDI and polyurethane producer and a major petrochemicals player. Directly comparable as a global polyurethanes/aromatics producer and now PIC's strategic partner following PIC's $638M 25% stake acquisition in April 2025.
• LyondellBasell: Global leader in polyolefins (PE, PP) and polymers technology licensing. Directly comparable as a polyolefins-focused producer using UNIPOL-equivalent process technologies and serving the same packaging, automotive, and consumer goods end markets as PIC.
• INEOS Group: Private global petrochemicals major producing olefins, polyolefins, aromatics, and fertilizers across Europe and North America. Comparable as a privately held, capital-intensive petrochemical producer with diversified commodity chemicals exposure similar to PIC's portfolio mix.
• SK picglobal: South Korea-based JV between SK and PIC producing propylene oxide, polyols, and propylene glycol. Directly comparable as PIC's own Korean petrochemicals venture and a key channel into Asian polyurethane and propylene oxide markets.

Broad incumbents

• Dow Inc. US-headquartered chemicals incumbent with broad packaging, performance materials, and industrial intermediates businesses. Comparable as PIC's JV partner via EQUATE and as a global polyolefins/chemicals competitor with deeper downstream integration.
• BASF SE: World's largest chemical company with integrated petrochemicals, aromatics, intermediates, and specialties. Comparable as a broad incumbent producing aromatics (benzene, PX) and petrochemical intermediates that overlap with PIC's aromatics portfolio, though far more diversified downstream.
• Reliance Industries Limited: India-based conglomerate with one of the world's largest integrated petrochemicals complexes producing olefins, polyolefins, aromatics, and polyesters. Comparable as a state-influenced, vertically integrated petrochemical producer targeting similar global polyolefins and aromatics markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/PICKuwaitOnline
• YouTubeyoutube.com/@picofficial_kw
• LinkedInlinkedin.com/company/petrochemical-industries-co.
• Instagraminstagram.com/picofficialkw

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrochemical Industries