Kuwait Chemicals Manufacturing Company (KCMC) is being recapitalised from KD2.5 million ($8.5 million) to KD10 million, by way of a rights offer.

The additional KD7.5 million will be used to diversify the company’s operations into the oil sector, and to fund planned expansions in the chemicals sector.
The company is being renamed “United Oil Projects Company,” in accordance with the new capital structure and strategic aims.
KCMC manufactures a range of world-class resins in a new state-of-the-art facility in Kuwait. The products are manufactured under European licence and supplemented by a growing range of glass fibre and coating auxiliaries.
The company’s products are well accepted throughout the region, and are approved by leading regional and global customers. It produces alkyd resins for paints and coatings and polyester resins for the fiberglass industry, water tanks, architectural and decorative products, chemicals and fuel tanks, pipes and marine applications.
The company also makes gel coatings, fiberglass auxiliaries, solvents and chemicals, and silicones and silane
KCMC’s plants and offices are located in a modern custom-built facility in the Mina Abdullah Industrial Area approximately 50 km south of Kuwait city.
Kuwait Chemical Manufacturing Company commenced operations in the 1970s, and produced alkyds, unsaturated polyesters, and emulsions under license from Synres. The factory was destroyed in the 1990 invasion.
The company re-started production in 2002, using technology from Synthesia, Spain.  However, all formulation is now in-house.
KCMC’s nameplate capacity is 10,000 tonnes per annum, although it is running currently at approximately 12,000 tonnes per annum.
The company has developed an extensive customer base within the GCC, Egypt, Lebanon, Syria, Jordan, and Iraq. In addition, the company is growing its sales into deep-sea markets.
KCMC’s excellent physical infrastructure in Mina Abdullah, together with its polymer expertise, has created a solid foundation for diversification into other areas of specialty chemistry. There are several significant chemical-sector diversification projects underway. In addition, the company is increasingly involved in value-added logistics and marketing services to the chemical sector.
The company is owned by listed Kuwait group United Industries, which is in turn owned by KIPCO  a well-connected and influential listed Kuwait investment group.