Middle East Economic Survey

VOL. XLVII

No 27

05-July-2004

ENERGY FINANCE

NBK Wins Advisory For IPO Of PIC Projects

National Bank of Kuwait (NBK) recently won the advisory mandate from Petrochemicals Industries Corp (PIC) to set up a $340mn company which will own directly 6% of Equate, 6% of PIC's olefins project, and 20% of its aromatics project. The company will also own, indirectly through its ownership of the aromatics venture, 11.5% of PICs styrene project. The IPO will be open to Kuwaiti...