Equate Petrochemical Company is building an industrial complex as part of efforts to buttress grand national oil projects, President of the Kuwait Industries Union (KIU) Hussein Al-Kharafi said on Monday.
The complex, slated to be built in Al-Shaaiba area over 200 thousand square meters, is the product of collaborative efforts between Kuwait Petroleum Corporation (KPC) and other oil industries with the aim of propping up oil projects, Al-Kharafi said in a press statement.
Moreover, he commended Equate for its contributions to the country's economy, noting that the lion's share of industrial exports belongs to the company.
Further, he added that the complex project is a major breakthrough for the petrochemical industry, one that could help bolster projects in that sector.
While large-scale oil projects are on the horizon, Al-Kharafi said he is hopeful that the complex project would come to fruition given the government's support of the private sector.
Formed in 1989, KIU caters to industrialists and seeks to boost industrial efficiency, which would in turn, help strengthen the economy.