United Petrochemical Co is to build two petrochemical plants at the cost of US$700 mln in Kuwait. The new entity has been formed by Kuwait's Qurain Petrochemical Industries Co and United Industries Co in a 90:10 venture. The two plants will be the country's first for producing purified terephthalic acid (PTA), and polyethylene terephthalate (PET). All relevant licenses have been received by the company to go ahead with the project. Other details have not been disclosed.