Kuwait's KIPIC in talks with potential partners on petrochemicals complex | Reuters
State-owned Kuwait Integrated Petroleum Industries Company (KIPIC) is in early talks with companies to partner on an integrated petrochemicals complex worth up to 3 billion dinars ($9.70 billion), its CEO said.
The company also aims to raise capacity at its Al-Zour refinery by 20-30% above the maximum 615,000 barrels per day it expects to reach this month, Walid Al-Badr told Reuters.
Initial discussions have begun with three potential partners, two from Asia and one from Europe, to build an integrated petrochemical complex alongside the Al-Zour plant, Al-Badr said.
"We are still in the initial stages. Memorandums of understanding have not been signed yet, but they expressed their interest and there were official meetings," Al-Badr said, without naming the firms.
The petrochemical complex, which aims to export to Europe and to boost Al-Zour's profitability, will use about 100,000 barrels per day (bpd) of fuel oil. If a deal is reached, it aims for the plant to go into operation by 2030.
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