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| Background |
Kuwait Paraxylene Production Company plans to construct an aromatics complex in Shuaiba Industrial Area, Kuwait.
The project includes construction of a paraxylene unit and a benzene unit.
Kuwait National Petroleum Company (KNPC)Kuwait National Petroleum Company (KNPC) will provide 2.5 million t/y of naphtha feedstock.
The benzene produced will be used as feedstock for the styrene plant on the Olefins II project.
BechtelBechtel is the FEED and PMC consultant.
UOP is the technology provider. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Dec 2009 |
Completion | Project completed
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| Latest Events |
On 22 December 2009, commercial production started. The project was completed. |
| Previous Events |
In November 2009, the plant was operating at 60% of its production capacity.
In September 2009, pre-commissioning of the plant was completed.
In May 2009, the construction activities and mechanical completion were finalized.
In July 2006, the JV of TecnimontTecnimont and SK Engineering & Construction was awarded the EPC contract to build the aromatics complex. TecnimontTecnimont is responsible for the reformer unit and utilities work, with the local Mohamed Abdulmohsin Kharafi & Sons as its main civil subcontractor.
In 2006, BechtelBechtel was awarded the FEED and PMC contracts.
In November 2004, the ITB for the EPC contract was issued. |
| Scope of Work |
Construction of a paraxylene plant with a capacity of 822,000 t/y and a benzene unit with a capacity of 370,000 t/y and associated facilities. |
| Financing Source |
In June 2007, KPPCKPPC reached a financial closure on the USD1.4 billion financing for its USD 2 billion aromatics project.
The funding includes a USD 320 million Islamic tranche from by Kuwait Finance House (KFH) joined by APICORP, Arab Banking Corporation, Citibank, and ING.
The commercial tranche attracted a total of 18 banks, with National Bank of Kuwait (NBK) taking the facilities agent role.
Margins on the deal were 40 bps pre-completion, 45 bps post-completion to year seven, 60 bps in years 8-11 and 70 bps in 11-14, with up-front fees at 60 bps and commitment fees at 20 bps.
The tenor of the loan will be 14 years.
Societe GeneraleSociete Generale is the financial adviser. |
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