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.

Kuwait Reviving US$14 Billion Refineries

Kuwait will be reviving its US$14 billion project which will see new fourth oil refinery, previously on hald in March due to corruption allegations. The refinery targeting production of 615,000 barrels a day was earlier planned to be built by Japanese and South Korean companies.

The allegation which accuses government officials profiting from the project due to bypassing of central bidding committee was denied by the Kuwait government.

Dow & PIC Setting up a JV Petchem

Dow Chemical and Kuwait’s Petrochemical Industries Co (PIC) have been reportedly signing a mutual agreement for a $17.4 billion K-Dow petrochemicals joint venture. It is estimated that K-Dow would generate $11 to $15 billion annual sales with the new JV which includes Dow's existing joint-ventures MEGlobal and Equipolymers. 

The 50:50 JV company will use Dow's strength from its olefins and polyolefins capacity turning it to be a major producer of petrochemicals and plastics including polyethylene, ethylene amines, ethanolamines, polypropylene and polycarbonate. K-Dow is also seen to be one of the important polypropylene technology and market related catalysts licensor.