Kuwait’s petro plant in US to be operational by end of 2019
Petrochemicals Industries Co's chairman said the project is currently in the EPC phase
A petrochemical complex project in the US by Kuwait’s Petrochemical Industries Company (PIC) is expected to come into operation by the end of 2019, according to chairman Mohammed Al-Farhoud.
Al-Farhoud revealed the plant, which will produce ethylene glycol (EG), is currently in the engineering, procurement, and construction (EPC) phase.
The venture is being carried out with Equate Group, with the plant expected to produce 680,400 tonnes annually.
Speaking to Kuwait's state news agency Kuna, at the 13th annual Gulf Petrochemicals and Chemicals Association Forum, the chairman also said he is currently looking at a number of opportunities to acquire significant stakes in petrochemical projects in the US, South Korea, and China.
Al-Faroud said PIC would finalise economic and technical feasibility studies for Olefins IV in 2019.
Oil and gas is a rapidly growing segment in the GCC's construction industry, with Saudi Arabia leading the $718bn sector. The kingdom has oil and gas developments worth $192.6bn in its pipeline, followed by the UAE's $152.2bn hydrocarbon projects.
The bulk of oil and gas projects in the UAE are under construction ($92.8bn), and Saudi Arabia has $111.3bn worth of projects currently being built.