Kuwait’s Petrochemical Industries Company (PIC) has won the best Arab company for the year 2019.

The company’s chairman Hamad A. Alturkait also won the best Arab chief executive for the 2019, said the country’s state media KUNA said on Sunday.

PIC, a subsidiary of the Kuwait Petroleum Corporation (KPC), was set up in 1963  as the first chemical fertilizer complex of its kind in the region. It eventually grew and became leaders in petrochemical industry.

In financial year 2018-19, the company posted a net profit of KD 192 million approximately.

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Earlier this year, the firm acquired 49 percent of operations of South Korean SKC. The two companies also agreed to establish a joint company producing propylene Oxide (PO) and propylene glycol (PG).