A report by MEED Projects Monitor stated that the Kuwait Integrated Petroleum Industries Company (KIPIC) will receive the result of a feasibility study for the Al-Zour Petrochemical Project in September, the project that is worth about 10 billion dollars.
The MEED report stated that the project’s feasibility study is being carried out by the British consultancy “Wood Mackenzie”, and an invitation to submit bids for the Al-Zour Petrochemical Project will be issued next year, according to the earliest estimates, reports a local Arabic daily.
MEED suggested that the date set for submitting bids will be approved based on the results of the study carried out by the British consulting company.
The project’s feasibility study, the sources said, will review the expectations of the oil and petrochemical products market over the next 25 to 35 years, and the feasibility study will also assess the possibility of the project’s profitability being affected due to the long-term effects of the Corona pandemic on the nature of the petrochemical sector business.
MEED stated that in May 2019, the Petrochemical Industries Company, a subsidiary of the Kuwait Petroleum Corporation, had developed a long-term petrochemical strategy, and the company said at the time that it aims for Kuwait to achieve a global and influential position in petrochemicals, and that Kuwait’s investments in the petrochemical sectors will create value added from its oil resources and will create an industrial base that will help it diversify its economy.