Chairman and CEO, PIC
Retaining his position, Mohammad Al-Farhoud, chairman and CEO, Petrochemical Industries Company (PIC) of Kuwait, is in the fifth position in the 2017 ‘Power 50’. Al-Farhoud, chairman of PIC, assumed the role of CEO in May 2016, succeeding PIC former head Asaad Al-Saad.
Al-Farhoud has been chairman of the board of PIC since March 2013, when he was also appointed managing director for finance and planning at Kuwait Petroleum Corporation (KPC), PIC’s parent company and Kuwait’s national energy company, overseeing all upstream and downstream operations. Prior to joining PIC, Al-Farhoud served in a number of roles at KPC since 1986. He holds a degree in economics and accounting from Kuwait University. With PIC being one of the six founding members, Al-Farhoud will also represent the company on the board of directors of Gulf Petrochemicals and Chemicals Association (GPCA).
During November 2017, PIC has signed an agreement with Jacobs Engineering to carry out engineering and design work for a planned propylene and polypropylene plant it co-owns in Canada. A joint venture between PIC and Pembina Pipeline Corp of Canada – Canada Kuwait Petrochemical Corp – plans to develop the facility. Jacobs Engineering will carry out front-end engineering and design (FEED) for the propylene and polypropylene facility in Alberta, Canada. The scope of the work includes identifying a timeframe and costs for the project. Work on the project is expected to be completed in Q4-2018.
As per the announcement made by Pembina Pipeline Corp in May 2017, the preliminary capital cost estimated for the project is in the range of $3.8-$4.2bn. The unit is expected to use 22,000 barrels per day of propane produced in Alberta. Offering a diversified feedstock for the growth in the sector, Kuwait is expanding its petrochemicals footprint overseas.
Recently, PIC won the 2017 RoSPA Gold Award for health, safety and environment.