Qurain Petrochemical Industries Company (QPIC) posted strong financial results for the first half ended 30 June 2011 with net profits hitting US$68.6mn compared with net profit of US$6.01mn for the same half in 2010.

This is an 91 per cent higher than the profits of same half last year.

The total assets of the company stood at US$774mn at 30 June 2011 as compared to US$707mn at 31 December 2010 an increase of nine per cent or US$66mn. Also, investments in associates has gone up by 17 per cent (US$25mn during this period).

Regarding the PTA/PET project, Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah indicated that QPIC applied officially to the Royal Commission for Jubail & Yanbu in the Kingdom of Saudi Arabia, requesting to establish the project in Jubail II Area, and approvals is expected to be received soon.

QPIC is currently contacting world leading consultancy agencies in preparation to conduct projects detailed feasibility study as well as engaging with technical partner to operate the estimated US$1 billion project.

QPIC Chairman Also noted that the Paraxylene project (KPPC) is still suffering from low results during June and July of this year which resulted in decreasing the projects profitability compared to the first quarter of the current year.

Regarding the companys future plans, Al Sabah stated that QPIC is actively investigating new opportunities in the GCC and Middle east region, as well as seeking new partnerships with well reputed entities and major financial consulting agencies to pick viable and reliable investment projects.