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KUWAIT - Kuwait Petrochemical Industries Company (PIC) has clinched a major contract worth USD 3.2 billion for a project to turn propane into plastic, which will deliver world prices to land-locked western Canadian oil and gas producers.
The joint venture with Canada's Pembina Pipeline is among the Kuwaiti petrochemical firm's first foreign forays, the company said in a statement on Tuesday.
The project will help solidify Kuwait's position as a world-class petrochemical hub, which fits into KPIC's plans of seeking more exposure abroad, the statement added.
The plants' plastic pellets will be shipped to manufacturers around the world to be turned into recyclable products used in automobiles, medical devices, food packaging and home electronic appliances. (end) osj.nam
The joint venture with Canada's Pembina Pipeline is among the Kuwaiti petrochemical firm's first foreign forays, the company said in a statement on Tuesday.
The project will help solidify Kuwait's position as a world-class petrochemical hub, which fits into KPIC's plans of seeking more exposure abroad, the statement added.
The plants' plastic pellets will be shipped to manufacturers around the world to be turned into recyclable products used in automobiles, medical devices, food packaging and home electronic appliances. (end) osj.nam
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