RPME Power 50 2017

RPME Power 50 2017

Welcome to the 2017 Refining & Petrochemicals Middle East 'Power 50' listing. The downstream industry in the Middle East is currently at the forefront of economic transformation, job creation and development, serving as a key enabler for the region’s economic growth. The recent downstream focus of major operators in the region like Saudi Aramco, ADNOC and ENOC is considered to be a trend-setter of the future of the industry. As many ‘transformational’ new, highly complex projects come on stream in 2017-2018, growth is set to continue at a faster pace for the region’s downstream sector. And this pace is set by the leaders who steer the refining and petrochemical facilities in the region. The technology and service providers also influence the momentum of growth in the sector because the Middle East is home to some of the world’s largest and most ambitious downstream projects, the development of which would not have been possible without the state-of-the-art technologies and quality services available in region. We have ranked this year’s list of Power 50 primarily based on the influence of the individual on the region’s industry. For this, we have considered their endeavours during 2016-2017. The amount of business each company has done in 2017 is also obviously a key factor, but this Power 50 is more than just a rich list for the downstream industry. We have acknowledged new projects, innovations, and approach to sustainability and corporate social responsibility in determining the entries as well as the ranking. As you can see from the following pages, there are a number of new entries to the list, while some individuals from the 2016 list have moved out. The rankings also have changed notably. Congratulations to all the individuals who have been portrayed in this year’s Power 50!
Mohammad Al-Farhoud
5

Mohammad Al-Farhoud

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.

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