Kuwait has decided to revive plans to build its 4th olefins complex within a long-term strategy to expand its petrochemical and refining industry to support economic diversification plans, a local newspaper said on Thursday.
The Petrochemical Industries Company (PIC) is “updating” plans to push ahead with the project that was mulled more than 4 years ago, the Arabic language daily Alanba said, citing “responsible” sources.
PIC, the Gulf emirate’s petrochemicals investment arm, has launched a feasibility study for the project, which will mainly produce polypropylene, the paper said.
“PIC has launched a feasibility study in coordination with the Kuwait Petroleum Corporation to build the country’s 4th petrochemicals complex,” the paper said.
The project is part of a strategy to boost Kuwait’s petrochemicals production at home and abroad to at least 14.5 million tonnes annually by 2040, the report added.
In 2018, officials said PIC selected the US-based Jacobs Engineering to prepare a feasibility study for the project that was held up by low oil prices and the spread of Coronavirus.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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