Kuwait Petrochemical Industries Company (KPIC) declared on Thursday signing a contract for studying architectural designs of the third olefins project and the second aromatics venture, integrated with Al-Zor refinery - valued at US$34 million. The KPIC Chief Executive Officer, Mohammad Al-Farhoud, said in a statement that the contract had been signed with Amec Foster Wheeler forecasting that the venture would be finalized by second quarter of 2022.
The statement quoted Hasniah Hashem, the deputy CEO for the olefins and aromatics department in the company, as saying that the venture is one of the important strategic initiatives ever undertaken by the KPIC.
The projects aim at enhancing Kuwait's status in the petrochemical industries and implementing the company's expansion strategy. They are also designed to establish a petrochemical complex for producing 940,000 tons of polyethylene per year, 1,400 tons of paraxylene (py), 420,000 tons of benzene (py) and 2,089 tons of fuel (py).
The KPIC, a subsidiary of Kuwait Petroleum Corporation, was established on July 23rd, 1963. It also produces ammonia-urea and poly-propylene.