According to MEED magazine, progress in the implementation of work at the Al-Zour Petrochemical Complex is reportedly stalled.
Despite the ongoing feasibility studies by the Kuwait Integrated Petroleum Industries Company (KIPIC), the project owner, estimated to cost around 10 billion dollars, a final decision to inject funds into the project has not been reached. Furthermore, no timetable has been disclosed for approval and subsequent tendering.
The magazine raises concerns that additional feasibility studies by the Quebec company on the derivatives the facility is expected to produce may heighten fears of a comprehensive reassessment of the project scope. Such a reconsideration could result in a significant delay before the main contracts are put out for tender.
Originally announced in 2006, the Al-Zour petrochemical project is intended to be integrated with the recently commissioned 615,000 barrels per day Al-Zour refinery. MEED’s review of regional petrochemical projects notes that the Saudi Aramco and SABIC global program, targeting the conversion of liquids into chemicals, is anticipated to attract investments totaling $100 billion.
This initiative is poised to overshadow other regional plans for manufacturing industries.
This development aligns with Saudi Arabia’s commitment to becoming one of the world’s leading petrochemical producers by the end of the decade. The country’s global program for converting liquids into chemicals involves expanding its portfolio of petrochemical assets both domestically and internationally.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
