Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
GCC Brief 16 September 2010 Commentary Stock market data : 500 GCC MSCI stock market index, 2009-2010 500 450 450 400 400 350 350 300 300 250 250 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. 90 80 80 70 70 60 60 WTI 50 by Daniel Kaye, Senior Economist, +965 2259 5363 Jul-10 Oil market data: 90 Kuwait’s petrochemical sector: a primer 50 OPEC 40 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 7