Kuwait Petroleum Corp subsidiary to invest over US$8 bln in overseas petrochemical projects

20-Jul-17

Petrochemicals Industries Company (PIC), a subsidiary of the state-owned Kuwait Petroleum Corporation, is planning to invest more than $8 billion in several overseas petrochemical projects over the next five years, according to Kuwaiti media reports. The projects include both setting up of new plants and expansion of existing ones jointly owned by PIC, as per Fibre2Fashion News Desk.

PIC would invest in a paraxylene (PX) plant in Bahrain, which would be jointly owned by PIC and the government-owned National Oil and Gas Authority of Bahrain, the reports said quoting PIC CEO Mohammed Al-Farhoud. PlC’s investment plans include construction of a 550,000 tpa propylene and polypropylene plant in Canada. This will be built as a joint venture with a local Canadian company. PIC is also considering setting up of a 400,000 tpa polypropylene plant in South Korea. Investment is also being made by the PIC in a 750,000 tpa ethylene glycol plant in the US. For this plant, a contract was signed with Jacobs Engineering Group in October last year. The project is scheduled to be completed in October 2019. In addition to these, PIC is actively considering investment opportunities in other countries.