Kuwait Styrene Company (TKSC) 2011 results topped those of 2010, due to an integrated performance of all its divisions, and actual annual production capacity of Styrene Monomer went up by over 450,000 metric tons, a company CEO said, Wednesday.
TKSC CEO Adel Yousef Al-Munifi was addressing the sixth annual session of the Gulf Petrochemicals and Chemicals Association (GPCA), which kicked off here yesterday. He noted this hike in production capacity of the company's complex means it succeeded in reaching the full capacity potential of its design.
In remarks to KUNA, the CEO added that the geographic diversity of the company's coverage with a solid client base that includes the Middle East, Asia, and Europe proves quality of the product and high-standard performance of the company, despite the fact that TKSE only started production in the second half of 2009.
The company is Kuwait's first and lone producer of Styrene monomer, and the Styrene market would recover still, despite the global economic crisis, provided oil prices continue to rise, experts say.
Like other basic goods, the price of this petrochemical product is decided with reference to supply and demand, as well as price of crude material, which is either an oil or gas derivative. Styrene is meanwhile less stable in price compared to other petrochemicals on the market, Al-Munifi said.
As for commercial feasibility of this product, he said it increases amid increasing global demand by an annual four percent. With a plant situated in the Gulf, there is an added relative advantage that has to do with cost of operation, shipping, and access to advanced technology.
The CEO expressed thanks to the mother company of TKSC, EQUATE, as well as to the company shareholders for their support of the company's efforts at development.
As Kuwait's first and only producer of Styrene Monomer, TKSC was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).
Equate Petrochemical Company is the single operator of Greater Equate, which includes The Kuwait Styrene Company (TKSC), Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) under one fully integrated operational umbrella at Kuwait's Shuaiba Industrial Area.
Styrene Monomer is a colorless liquid chemical with a sweet smell, used in the manufacturing of electrical and electronic equipment as well as in packaging and auto-parts industries.