Kuwait Integrated Petroleum Industries Company or KIPIC is in discussion with companies to partner with companies for an integrated petrochemical complex for about USD9.70bn, according to its CEO, Waleed Al-Bader.
As per the CEO, the company’s goal includes to raise capacity at its Al-Zour refinery above the maximum 615,000 barrels each day by 20-30%, it is expected to reach within this month.
Discussion have started with three potential partners which are two from Asia and one from Europe to establish a petrochemical complex along the Al-Zour plant, as per the CEO.
The new set up targets to export to Europe and to boost profitability of Al-Zour. The complex shall use about 100,000 barrels per day of fuel oil. If a deal is done, it plans to go under operation by 2030.
The company aims a production annually of 2.7mn tons of aromatics and 1.7mn tons of olefins.
For partners, KIPIC’s parent is studying potential incentives, as per Al-Badr.
About 60% of the financing of the project shall be from local and foreign banks while the rest 40% shall be by KIPIC and the partner.