Download 16 September, 2010

GCC Brief
16 September 2010
Commentary
Stock market data :
500
GCC MSCI stock market index, 2009-2010
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Jan-09
Jul-09
Jan-10
Crude oil prices, 2009-2010, $pb
[email protected]
•
The petrochemical sector not only allows Kuwait to add more value to
its upstream oil activity, but also offers opportunities for the private
sector in an area where the region has a key competitive advantage.
•
The structure of the sector has become more complex in recent years.
There are now four main projects, all of which are operated by
Equate, a joint Kuwaiti-US venture. The sector contributed some 12%
to industrial GDP in 2009, and nearly half of all non-oil goods exports.
•
Although one major deal has stalled, the sector may expand further
over coming years. Under a recent proposal, ethylene production
capacity, for example, could nearly double by 2016.
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80
70
70
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60
WTI
50
by Daniel Kaye, Senior Economist, +965 2259 5363
Jul-10
Oil market data:
90
Kuwait’s petrochemical sector: a
primer
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OPEC
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40
30
30
Jan-09
Jul-09
Jan-10
More>>
Jul-10
IEA 2010 forecasts (mbd):
World oil dd = 86.6 (+2.2%)
Non-OPEC supply = 52.6 (+1.9%)
Charts
Focus on… GCC crude oil production
GCC crude oil production, million barrels per day*
Latest GCC monetary data:
(15th September unless otherwise stated)
Bahrain:
M3 16.8 %y/y (Jun)
Repo rate 2.25 %
$1=BHD 0.377
Kuwait:
M2 1.2 %y/y (Jul)
Disc. rate 2.50 %
$1=KWD 0.288
Oman:
Qatar:
M2 8.0 %y/y (Jun)
Repo rate 2.00 %
$1=OMR 0.385
M2 29.6 %y/y (May)
Lend. rate 5.50 %
$1=QAR 3.641
Saudi Arabia:
M3 2.3 %y/y (Jul)
Repo rate 2.00 %
$1=SAR 3.750
UAE:
M2 5.2 %y/y (Jul)
Repo rate 1.00 %
$1=AED 3.673
16.5
16.0
15.5
15.0
14.5
14.0
13.5
13.0
12.5
12.0
16.5
16.0
15.5
15.0
14.5
14.0
13.5
13.0
12.5
12.0
2000200120022003200420052006200720082009
More>>
GCC crude oil output fell
sharply in 2009 on the
back of OPEC quota
restrictions. At around
14 mbpd, however, it
still
accounted
for
around 16% of world oil
production and output
could rise by around 23% this year.
Source: OPEC / national sources
* Annual average figures. Includes condensate output for Oman.
Data
Financial and economic data
NBK Economic Research
Al Shuhada Street, P.O Box 95, Safat 13001,
Kuwait City, Kuwait
Tel: +965 2259 5500 Fax: +965 2224 6973
www.nbk.com
More>>
GCC Brief | 16 September 2010
Kuwait’s petrochemical sector: a primer
As the regional economy stages a recovery,
attention will inevitably return to efforts to diversify
the economy away from oil and to develop the
industrial base. The region’s petrochemical sector is
a lead candidate for a development push.
Admittedly, as an industry whose end-products are
derivates of oil and natural gas, it might not
contribute much to diversification of the GCC
economy. But it will enable local economies to add
more value to their huge existing upstream oil
sector activities. Perhaps more importantly, it offers
opportunities for increasing the role of the private
sector in an area where the region has a key
competitive advantage. It could also be a major new
source of export revenue.
In this note, we look at the current structure of
Kuwait’s petrochemical industry and its contribution
to the economy. Despite not being the region’s
largest petrochemical sector, it is important to
Kuwait and may well expand over coming years.
We start, however, with a quick primer on the
sector more generally.
An overview of the petrochemical industry
Petrochemical production starts with crude oil and
natural gas, which can be refined into a number of
different products. Four of these are the main
ingredients of the industry: naphtha, butane, ethane
and propane. These then go through a process
known as ‘cracking’ to yield basic petrochemical
products. Chart 1 provides a simplified description
of the production chain. (Some petrochemicals are
also produced using other methods.)
Chart 1: Simplified petrochemical production process
Crude oil and natural gas
‘Fractionation / chemical processing’
Refined products (including…)
Naptha
Butane
Ethane
‘Cracking’ (steam or catalytic)
Petrochemicals
Source: NBK
Propane
There are essentially two broad categories of
petrochemicals: olefins and aromatics. (See chart
2.) These are defined by their chemical
composition,
with
the
latter
group
also
distinguished by its smell. The olefins ethylene and
propylene are the foundation for a large part of the
global petrochemical market, since they are key
components in the production of plastics, rubber
and resins. Key aromatics include benzene and
toluene. Their end-uses include dyes and
detergents. Broader production of petrochemicals is
expected to rise strongly over coming years, as
economic development in large emerging markets
increases the demand for consumer goods.
Chart 2: The two main classes of petrochemicals
2. Aromatics
1. Olefins
Ethylene
Propylene
Butadiene
Benzene
Toluene
Xylenes
End products (including…)
Styrene
Resins
Rubber
Dyes
Foam
Plastics
Plastics
Plastics
Nylon
Detergent
Coatings
Syn. fiber
Rubber
Coatings
Packaging
Solvents
Polyester
Solvents
Solvents
Nylon
PVC
Source: Various / NBK
Kuwait’s petrochemical sector: corporate structure
The structure of Kuwait’s petrochemical sector has
become increasingly complex in recent years, as
new firms have emerged and cross-shareholdings
were established. Public-private partnerships have
been the cornerstone of the sector in Kuwait and
their success is sometimes cited as a benchmark for
the adoption of similar schemes in other industries.
The main operations and projects are spearheaded
by four firms: Equate, Kuwait Aromatics Company
(KARO), the Kuwait Olefins Company (TKOC) and
the Kuwait Styrene Company (TKSC). The last three
are collectively known as ‘Greater Equate’ (or
‘Equate II’). A brief description of each of them is
provided below.
1. Equate (began production in 1997): Jointly
owned by the government, the Kuwaiti public
and Dow Chemical of the US, Equate is
Kuwait’s pioneer in the sector – its success
2
GCC Brief | 16 September 2010
spawning the other three firms. It produces
around 0.8 million tons per year (mtpy) of
ethylene, which is used in the production of
some 1.2 mtpy of derivative products. Most
of its product is exported.
2. The Kuwait Olefins Company (TKOC, 2008):
Joint public-private partnership, also known
as Olefins II. Produces around 0.85 mtpy of
ethylene, which is converted into derivative
products. Mostly for export.
3. The Kuwait Styrene Company (TKSC, 2009):
Another public-private partnership, this time
between Dow and KARO (see below).
Produces 0.45 mtpy of styrene, an ethylene
derivate. Uses product from both KARO and
TKOC as raw material.
4. Kuwait Aromatics Company (KARO, 2009):
Majority government-owned. Kuwait’s sole
venture into aromatics. Produces around 0.8
mtpy of paraxylene for export and also
supplies benzene to TKSC, in which it is a
shareholder. The project is sometimes referred
to by the name of KARO’s subsidiary, Kuwait
Paraxylene Production Company (KPPC).
products). This makes it a notable, though not
major player in the world market. World ethylene
production, for example, is estimated to stand at
around 115 mtpy this year, giving Kuwait around
1.5% of the market. This is below the 2.6 mtpy
capacity of Qatar and the 10 mtpy or so capacity of
the region’s main supplier, Saudi Arabia. Similarly,
Kuwait has about 3% of the world paraxylene
market (NBK estimate).
Although these companies are administratively
distinct, most of the business operations are
actually run by Equate. Production numbers for
some firms are therefore often quoted as belonging
to Equate. Descriptions of each company’s
ownership structures are given in the appendix, but
a summary is shown in chart 3 below.
Economic contribution
The sector makes a significant contribution to the
economy, accounting for around 12% of industrial
GDP in 2009. Moreover, its contribution rose
quickly, from a share of just 2% in 2001. Of
course, the industrial sector’s share of Kuwait’s
total GDP remains small, at under 10%. Note, too,
that along with the refining sector, prices of
petrochemicals move in line with those for crude oil,
meaning that its share of industrial output can be
quite volatile.
Chart 3: Summary ownership structures
Foreign
Kuwait government
Public (but includes
government-held firms)
In
general,
however,
global
petrochemical
production has been gravitating towards the Middle
East and away from Asia, Europe and North
America in recent years, owing to the region’s cost
advantage in raw materials (as well as good access
to Asian markets). Many government-backed Gulf
producers are being fed cheap feedstock from local
refineries or natural gas supplies, under-cutting the
cost positions of producers elsewhere. Indeed, the
high oil price environment of recent years has
accentuated the Gulf’s cost advantage. According
to some industry estimates, the GCC region’s share
of global ethylene capacity, for example, may rise
to nearly 20% by 2014, up from 14% in 2009.
Chart 4: Sector contribution to industrial GDP, 2009
(% of industrial GDP)
Dow
PIC
Boubyan PC
Equate
KARO
TKOC
Qurain PIC
Construction,
21.8
Refining,
27.9
TKSC
Utilities, 15.6
Chemicals,
11.9
Source: NBK
N.B. PIC = Petrochemical Industries Company
In total therefore, Kuwait has a production capacity
of 1.6 mtpy of ethylene and around 1.2 mtpy of
aromatics (as well as more than 2 mtpy of derivate
Other
manufact'ing,
22.7
N.B. Industrial GDP
= 9% of total GDP
Source: Ministry of Planning / NBK
Petrochemicals also made a substantial contribution
to Kuwait’s exports. In the first half of 2010, they
3
GCC Brief | 16 September 2010
were worth KD 235 million (USD 814 million). Of
course, this pales beside the massive KD 8.4 billion
contributed by the oil sector. Nevertheless, it is
worth nearly half of all non-oil exports, and twothirds of non-oil exports of Kuwaiti origin. (See
chart 5.) It has also managed this in just a few
years, providing a glimpse of what can be achieved.
Appendix. Ownership of Kuwait’s petrochem’ firms
Chart 6: Equate - shareholdings
Dow
Chemical
Petrochem.
Indus. Co.
Boubyan
Petroch.Co.
Qurain Pet.
Ind. Co.
(Private)
(Govt)
(Private)
(Private)
Chart 5: Product share of non-oil exports, 1H10
(9%)
(42.5%)
(% of all non-oil exports)
(6%)
(42.5%)
Equate
Re-exports,
25.4
Source: NBK
Ethylene
products,
48.6
Other, 17.4
Fertilizer, 8.6
N.B. Non-oil
exports = 5% of
all goods exports
Chart 7: The Kuwait Olefins Co. - shareholdings
Dow
Chemical
Petrochem.
Indus. Co.
Boubyan
Petroch.Co.
Qurain Pet.
Ind. Co.
(Private)
(Govt)
(Private)
(Private)
Source: CBK / NBK
(42.5%)
(9%)
(6%)
(42.5%)
Recent activity and expansion plans
The past couple of years have seen a good deal of
activity, with three of the four projects listed above
all successfully coming online. In addition, further
plans
to
develop
and
expand
Kuwait’s
petrochemical sector have been mooted, but
progress has been stuttering. One major plan was a
proposed USD 19 billion venture joint between Dow
Chemical and Petrochemical Industries Company
(PIC) of Kuwait, a government-owned holding
company. The venture – to be named K-Dow –
would have seen PIC acquire a stake in Dow’s
global petrochemical business, including three
ethylene crackers and would have created one of
the world’s leading petrochemical suppliers. But the
deal was cancelled in December 2008 owing to
opposition from Kuwait’s parliament.
Following the collapse of the K-Dow deal, PIC is
now considering plans to develop a ‘greenfield’
project, Olefins III. The USD 5 billion project –
which could come on-stream in 2016 - is said to be
targeting production of some 1.4 mtpy of ethylene,
as well production of ethylene derivatives. Once
complete, the project would nearly double Kuwait’s
ethylene production capacity. Based upon current
prices, this could boost Kuwait’s non-oil exports by
some KD 0.5 billion per year and industrial GDP by
perhaps KD 0.3 billion, or around 10%.
Kuwait Olefins Company
Source: NBK
Chart 8: The Kuwait Styrene Co. - shareholdings
Dow Chemical
Kuwait Aromatics
Company
(Private)
(Govt / Private)
(57.5%)
(42.5%)
Kuwait Styrene Company
Source: NBK
Chart 9: Kuwait Aromatics Co. - shareholdings
Petrochemical
Industries Co.
Kuwait National
Petroleum Co.
Qurain Petrochem.
Industries Co.
(Govt)
(Govt)
(Private)
(40%)
(40%)
(20%)
Kuwait Aromatics Company
Source: NBK
4
GCC Brief | 16 September 2010
Focus on…GCC crude oil production
GCC crude oil production fell sharply in 2009 on the back of OPEC quota restrictions. But
output could rise by around 2-3% this year…
Bahrain
(million barrels per day, year average)
Kuwait
(million barrels per day, year average)
0.26
2.8
0.24
0.24
2.6
2.6
0.22
0.22
2.4
2.4
0.20
0.20
2.2
2.2
2.0
2.0
0.18
0.18
1.8
1.8
0.16
0.16
1.6
1.6
0.14
1.4
0.26
0.14
1.4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Oman
Qatar
(million barrels per day, year average)
2.8
(million barrels per day, year average)
1.00
0.90
0.95
0.95
0.85
0.85
0.90
0.90
0.80
0.80
0.85
0.85
0.75
0.75
0.80
0.80
0.70
0.70
0.75
0.75
0.65
0.65
0.70
0.70
0.60
0.60
0.65
0.65
0.55
0.55
0.60
0.50
1.00
0.60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
10.0
UAE
10.0
9.5
9.5
9.0
9.0
8.5
8.5
8.0
8.0
7.5
7.5
7.0
7.0
6.5
6.5
6.0
6.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
0.50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Saudi Arabia
(million barrels per day, year average)
0.90
2.8
(million barrels per day, year average)
2.8
2.6
2.6
2.4
2.4
2.2
2.2
2.0
2.0
1.8
1.8
1.6
1.6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: OPEC / national sources
N.B. Includes condensate output for Oman
5
GCC Brief | 16 September 2010
Weekly GCC financial market data
Bahrain
USD/BHD
EUR/BHD
3-month BHIBOR
1-year BHIBOR
Repo Rate
SW Deposit Rate
Stock Exchange Index
Kuwait
USD/KWD
EUR/KWD
3-month KIBOR
1-year KIBOR
Discount Rate
Repo Rate
Stock Exchange Index
Oman
USD/OMR
EUR/OMR
3-month OMIBOR
1-year OMIBOR
1-month CBO CD
Repo Rate
Stock Exchange Index
Qatar
USD/QAR
EUR/QAR
Qatari 3-month Repo Rate
Qatari 1-year Repo Rate
Repo Rate
Deposit Facility
Lending Facility
Stock Exchange Index
Saudi Arabia
USD/SAR
EUR/SAR
3-month SAIBOR
1-year SAIBOR
Repo Rate
Reverse Repo Rate
Stock Exchange Index
UAE
USD/AED
EUR/AED
3-month AEIBOR
1-year AEIBOR
Repo Rate
Stock Exchange Index
Unit
Current
1-Week Ago
1-Month Ago
3-Month Ago
6-Month Ago
1-Year Ago
1$ = BHD
1€ = BHD
%
%
%
%
Index
0.3770
0.4899
1.257
2.002
2.250
0.500
274.4
0.3770
0.4786
1.304
2.175
2.250
0.500
273.8
0.3771
0.4838
1.272
2.002
2.250
0.500
262.6
0.3770
0.4641
1.238
2.031
2.250
0.500
261.6
0.3771
0.5194
1.292
2.108
2.250
0.500
320.2
0.3770
0.5547
1.498
2.333
2.250
0.500
380.1
1$ = KWD
1€ = KWD
%
%
%
%
Index
0.2875
0.3735
1.125
1.625
2.500
1.500
675.9
0.2881
0.3657
1.125
1.625
2.500
1.500
666.9
0.2881
0.3696
1.125
1.625
2.500
1.500
603.3
0.2916
0.3589
1.125
1.625
2.500
1.500
550.7
0.2883
0.3971
1.125
1.625
2.500
1.500
635.6
0.2865
0.4216
1.250
1.813
3.000
1.750
665.5
1$ = OMR
1€ = OMR
%
%
%
%
Index
0.3850
0.5003
#N/A
#N/A
0.100
2.000
864.9
0.3850
0.4888
#N/A
#N/A
0.090
2.000
860.5
0.3850
0.4940
#N/A
#N/A
0.070
2.000
864.3
0.3850
0.4739
#N/A
#N/A
0.040
2.000
832.9
0.3850
0.5304
#N/A
#N/A
0.050
2.000
891.8
0.3850
0.5665
#N/A
#N/A
0.060
2.000
871.7
1$ = QAR
1€ = QAR
%
%
%
%
%
Index
3.6410
4.7308
1.750
1.950
5.550
1.500
5.500
670.1
3.6435
4.6254
1.350
1.850
5.550
1.500
5.500
666.9
3.6405
4.6708
0.880
3.050
5.550
1.500
5.500
625.1
3.6420
4.4829
0.830
1.570
5.550
2.000
5.500
624.0
3.6425
5.0175
0.940
1.020
5.550
2.000
5.500
610.2
3.6423
5.3593
1.320
2.190
5.550
2.000
5.500
621.9
1$ = SAR
1€ = SAR
%
%
%
%
Index
3.7502
4.8726
0.720
1.023
2.000
0.25
402.2
3.7508
4.7616
0.720
1.021
2.000
0.25
400.8
3.7502
4.8115
0.720
1.026
2.000
0.25
393.2
3.7507
4.6167
0.725
1.024
2.000
0.25
407.1
3.7507
5.1666
0.733
1.070
2.000
0.25
423.4
3.7503
5.5182
0.650
1.250
2.000
0.25
378.9
1$ = AED
1€ = AED
%
%
%
Index
3.6731
4.7725
2.338
2.703
1.000
220.0
3.6734
4.6634
2.338
2.696
1.000
211.9
3.6744
4.7143
2.338
2.696
1.000
194.7
3.6733
4.5215
2.344
2.716
1.000
193.4
3.6730
5.0596
2.259
2.656
1.000
230.3
3.6731
5.4046
2.081
2.638
1.000
266.0
Weekly international financial market data
WTI Crude Oil Spot Price
OPEC Crude Oil Basket (1-day Av.)
EUR/USD
USD/JPY
GBP/USD
3-Month USD LIBOR
3-Month EUR LIBOR
3-Month GBP LIBOR
US Fed Fund Rate
US Discount Rate
US Prime Rate
GB Prime Rate
ECB Refinancing Rate
MSCI GCC Stock Market
S&P 500 Index
Unit
Current
1-Week Ago
1-Month Ago
3-Month Ago
6-Month Ago
1-Year Ago
US $ p/b
US $ p/b
1€ = $
1$ = ¥
1₤=$
%
%
%
%
%
%
%
%
Index
Index
75.77
75.54
1.2992
85.38
1.5604
0.292
0.828
0.725
0.250
0.750
3.250
0.500
1.000
435.220
1125.07
79.2
74.0
1.2695
83.85
1.5431
0.293
0.826
0.726
0.250
0.750
3.250
0.500
1.000
419.599
1104.18
79.2
72.3
1.2830
85.38
1.5664
0.362
0.832
0.730
0.250
0.750
3.250
0.500
1.000
419.599
1079.38
79.2
74.2
1.2309
91.44
1.4730
0.539
0.659
0.730
0.250
0.750
3.250
0.500
1.000
419.599
1114.61
79.2
76.6
1.3775
90.29
1.5249
0.261
0.591
0.646
0.250
0.750
3.250
0.500
1.000
419.599
1159.46
72.1
68.7
1.4714
90.90
1.6491
0.292
0.723
0.594
0.250
0.500
3.250
0.500
1.000
424.314
1068.76
Economic data (period average)
Unit
2007
2008
Bahrain
GDP
GDP
CPI
Current account
USD bns
%y/y
%y/y
USD bns
18.4
16.5
3.3
2.9
21.9
18.6
3.5
2.3
Kuwait
GDP
GDP
CPI
Current account
USD bns
%y/y
%y/y
USD bns
114.6
10.6
5.5
42.2
Oman
GDP
GDP
CPI
Current account
USD bns
%y/y
%y/y
USD bns
41.9
13.9
5.9
2.5
Unit
2009
2007
2008
2009
USD bns
%y/y
%y/y
USD bns
80.8
33.5
13.6
10.4
110.8
37.1
15.2
14.2
98.3
-11.2
-4.8
8.4
Saudi Arabia
GDP
GDP
CPI
Current account
USD bns
%y/y
%y/y
USD bns
385.1
8.0
4.1
93.3
476.3
23.8
9.9
134.0
375.8
-21.1
5.1
20.0
UAE
GDP
GDP
CPI
Current account
USD bns
%y/y
%y/y
USD bns
206.4
17.8
11.1
19.6
254.4
23.2
12.3
22.3
216.9
-14.7
1.5
7.8
20.5
-6.0
2.5
0.6
Qatar
GDP
GDP
CPI
Current account
148.8
22.7
10.6
60.2
109.5
-21.2
4.0
28.0
60.2
43.9
12.5
5.0
46.1
-23.5
3.5
-0.3
Source: ThomsonReuters Ecowin, official sources, and NBK Economic Research
6
GCC Brief | 16 September 2010
Head Office
International Network
Kuwait
National Bank of Kuwait SAK
Abdullah Al-Ahmed Street
P.O. Box 95, Safat 13001
Kuwait City, Kuwait
Tel: +965 2242 2011
Fax: +965 2243 1888
Telex: 22043-22451 NATBANK
www.nbk.com
Bahrain
National Bank of Kuwait SAK
Bahrain Branch
Seef Tower, Al-Seef District 428
P.O. Box 5290, Manama
Bahrain
Tel: +973 17 583 333
Fax: +973 17 587 111
United States of America
National Bank of Kuwait SAK
New York Branch
299 Park Avenue
New York, NY 10171
USA
Tel: +1 212 303 9800
Fax: +1 212 319 8269
National Bank of Kuwait
Bahrain Branch (H.O)
GB Corp Tower
Block 346, Road 4626
Building 1411
P.O.Box 5290, Manama
Kingdom of Bahrain
Tel: +973 17 155 555
Fax: +973 17 104 860
United Kingdom
National Bank of Kuwait
(International) Plc
Head Office
13 George Street
London W1U 3QJ, UK
Tel: +44 20 7224 2277
Fax: +44 20 7224 2101
United Arab Emirates
National Bank of Kuwait SAK
Dubai Branch
Sheikh Rashed Road, Port Saeed
Area, ACICO Business Park
P.O. Box 88867, Dubai, UAE
Tel: +971 4 2929 222
Fax: +971 4 2943 337
Jordan
National Bank of Kuwait SAK
Amman Branch
Shareef Abdul Hamid Sharaf St
P.O. Box 941297
Shmeisani, Amman 11194
Jordan
Tel: +962 6 560 8800
Fax: +962 6 560 8811
© Copyright Notice. GCC Brief is a
publication of National Bank of
Kuwait. No part of this publication
may be reproduced or duplicated
without the prior consent of NBK.
While every care has been taken
in preparing this publication,
National Bank of Kuwait accepts
no liability whatsoever for any
direct or consequential losses
arising from its use. GCC Brief is
distributed on a complimentary
and discretionary basis to NBK
clients and associates. This report
and other NBK research can be
found in the “Reports” section
of the National Bank of Kuwait’s
web site. Please visit our web
site, www.nbk.com, for other
bank publications. For further
information please contact:
NBK Economic Research
Tel: (965) 2259 5500
Fax: (965) 2224 6973
Email: [email protected]
Saudi Arabia
National Bank of Kuwait SAK
Jeddah Branch
Al-Andalus Street, Red Sea Plaza
P.O. Box 15385
Jeddah 21444, Saudi Arabia
Tel: +966 2 653 8600
Fax: +966 2 653 8653
Lebanon
National Bank of Kuwait
(Lebanon) SAL
Sanayeh Head Office
BAC Building, Justinien Street,
PO Box 11-5727, Raid El-Sol
1107 2200 Beirut
Tel: +961 1 759 700
Fax: +961 1 747 866
Iraq
Credit Bank of Iraq
Street 9, Building 178
Saloon Street, District 102
P.O. Box 3420
Baghdad, Iraq
Tel: +964 1 7182198/7191944
+964 1 7188406/7171673
Fax: +964 1 7170156
NBK Capital
National Bank of Kuwait
(International) Plc
Portman Square Branch
7 Portman Square
London W1H 6NA, UK
Tel: +44 20 7224 2277
Fax: +44 20 7486 3877
France
National Bank of Kuwait
(International) Plc
Paris Branch
90 Avenue des Champs-Elysees
75008 Paris, France
Tel: +33 1 5659 8600
Fax: +33 1 5659 8623
Singapore
National Bank of Kuwait SAK
Singapore Branch
9 Raffles Place #51-01/02
Republic Plaza
Singapore 048619
Tel: +65 6222 5348
Fax: +65 6224 5438
Kuwait
Watani Investment Company KSC (c)
38th Floor, Arraya II Building
Shuhada’a street, Sharq, Kuwait
PO Box 4950, Safat, 13050
Tel: +965 2224 6900
Fax: +965 2224 6904
United Arab Emirates
NBK Capital Limited
Precinct Building 3, Office 404
Dubai International Financial Center
P.O. Box 506506, Dubai
United Arab Emirates
Tel: +971 4 365 2800
Fax: +971 4 365 2805
Turkey
NBK Capital
Arastima ve Musavirlik AS
SUN Plaza, 30th Floor
Dereboyu Sk. No.24
Maslak 34398, Istanbul, Turkey
Tel: +90 212 276 5400
Fax: +90 212 276 5401
Associates
Qatar
International Bank of Qatar (QSC)
Suhaim bin Hamad Street
P.O. Box 2001
Doha, Qatar
Tel: +974 4447 3700
Fax: +974 4447 3710
Turkey
Turkish Bank
Valikonagl CAD. 7
Nisantasi 34371
Istanbul, Turkey
Tel: +90 212 3736373
Fax: +90 212 225 0353
Vietnam
National Bank of Kuwait SAK
Vietnam Representative Office
Room 2006, Sun Wah Tower
115 Nguyen Hue Blvd, District 1
Ho Chi Minh City
Vietnam
Tel: +84 8 3827 8008
Fax: +84 8 3827 8009
China
National Bank of Kuwait SAK
Shanghai Representative Office
Suite 1003, 10th Floor, Azia Center
133 Yin Cheng Bei Road, Lujiazui
Shanghai 200120
China
Tel: +86 21 6888 1092
Fax: +86 21 5047 1011
Egypt
Al Was any Bank of Egypt
13 Al The mar Street
Gameat Al Dowal AlArabia
Fouad Mohie El Din Square
Mohandessin, Giza, Egypt
Tel: +20 2 33388816/33388817
Fax: +20 2 33379302
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