The Al-Zour petrochemical complex of the Kuwait Integrated Petroleum Industries Company (KIPIC), which is being implemented by Wood Mackenzie, will end next September, as the project has great hopes for a qualitative shift to diversify sources of income in Kuwait.
Informed sources told a local Arabic daily that the study includes market conditions, environmental emissions, and the feasibility of products in global markets according to market developments and product prices, stressing that it aims to determine the feasibility of achieving an added value from the project, estimated at a cost of between 8 and 10 billion dollars, in addition to the quality and mechanism of the partnership that can be concluded in this aspect.
The sources pointed out that there are great challenges facing the project, most notably the financing, the quality of the partnership or the strategic partner and what it can provide, not to mention other aspects, including identifying the facilities or incentives that can be provided to it to move forward, in light of the facilities and incentives provided by the countries of the region to international companies to implement its multi-billion dollar projects.
The sources indicated that the global trend of alternative energies and the dominance of electric cars by 2035 are among the most important challenges, saying that “any changes in studies about products, whether by adding or canceling a product, needs an economic feasibility study as well as an engineering study.”
The sources said the challenges facing the project are due to the delay in its implementation and the change of data, so there is a need to take a decision in this regard, in light of the expected high financial cost and to find a strategic partner.
The sources stated that prolonging projects without making vital decisions worries international companies and forces them to take their business to other markets.
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