Kuwait to Build Two Petchem Plants

Kuwait's Qurain Petrochemical Industries Company will be expanding its presence in the petrochemical business with two upcoming plants producing purified terephthalic acid (PTA), and polyethylene terephthalate (PET) with combined cost of US$ 700 million.

It will be a joint venture with United Industries Co with the new JV company to be called United Petrochemical Company.

Oil & Gas Engineering Market to be Severely Uptight

With demands of new oil and gas related plants, especially petrochemicals projects coming up with the world economic demand, it is highly forecasted that the engineering market will be severely impacted.

This is coupled with the highly skilled engineers are now reaching their retirement age within the next decade. Engineering professionals will be highly sought after beginning of 2012 onwards, a source familiar with the arena told.

Malaysia Announced New Refinery-Petchem Complex

Prime Minister of Malaysia has announced a new Refinery-Petrochemical Complex known as RAPID Project to be developed by the country's national oil company, PETRONAS in the southern part of Johor.

The complex which estimated to cost US$ 20 Billion will be decided by 2012. Currently it is under Detailed Feasibility Study and PETRONAS is finalizing the partners for the project.

It is estimated to spur domestic growth and attract foreign investment into the country. PETRONAS officials mentioned that the project will focus on high value addition products to move away from commodities.