Outlook 2008: Kuwait

Written by: Kuwait Financial Centre S.A.K “Markaz”

AMEC has had a major project management consultancy servicescontract renewed by Kuwait Oil Company (KOC). The contract is worth approximately 163m (92,999,522KWD) over the next five years. The contract covers consultancyservices in project management, front-end engineering and related activitiesfor KOC's upstream oil and gas assets in Kuwait. It continues the work carriedout under a previous project management and engineering contract, which ranfrom 2004 to 2007.

With a major emphasis on health, safety and the environment,AMEC's work will help KOC deliver its strategy to achieve optimum capacity inits oilfields and to improve its facilities by 2020.

Dow has established two JV production companies in the Middle East - Equate in Kuwait and Arabian Chemical Co. (ACC) in Saudi Arabia - as well as a regional office in Dubai. Dow is expanding its Kuwait presence, implementing the worldscale Olefins II project and the 450,000 tons/yearethyl benzene/styrene plant, both in partnership with its Equate shareholder,PIC. Further south, in partnership with Oman Oil Co. (OOC), it has formed OmanPetrochemical Industries Corp. (OPIC), which is planning a worldscale olefinscomplex at Sohar. The three projects are evidence that, despite the growingability of a regional giant like Saudi Basic Industries Corp. (SABIC) toundertake big petrochemical ventures on their own, there is still considerabledemand for foreign partners in the region.

Dow is helpingPIC extend its geographical reach, having formed last July two 50:50 JVs withthe Kuwaiti firm: MEGlobal, based in London, produces and sells ethylene glycol(EG); Zurich-based Equipolymers has a similar role for polyethyleneterephthalate (PET) resins and purified terephthalic acid (PTA). Liveris said:"Our relationship with PIC had developed to the point that we could put inplace a global business model for EG and PET, which would take advantage of alow-cost asset base in Kuwait and Dow's access to technology and markets. Theremay be more [similar type of arrangements]. I do not close the door on any newopportunity that creates a winning, game-changing proposition. Dow is 108 yearsold for a reason - it has been willing to change.

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