Eleven global consortia are competing for a giant petrochemical project in Kuwait with an estimated cost of up to $9 billion, a local newspaper reported on Sunday.

The government-owned Kuwait Integrated Petroleum Industries Company (KIPIC) has completed the front end engineering designs (FEED) for the project near the multi-billion dollar Al-Zour refinery in South Kuwait, the Arabic language daily Al-Rai said.

It quoted informed sources as saying the contract is divided into three packages, covering the petrochemicals plant, operations and export terminals.

It said 11 consortia, including firms that have been involved in projects in the OPEC member, have been pre-qualified to bid for the petrochemical complex, which is awaiting approval of funds by the Supreme Petroleum Council, adding that 30 percent of the project would be financed by Kuwait and the rest through loans.

"According to the sources, 7 consortia are pre-qualified for the first two packages and four for the third package," the report said, without identifying the companies involved.

The petrochemical complex has been in the pipeline for several years and is part of the Gulf emirate's plans to develop the downstream industry to diversify its economy, which is heavily reliant on crude oil sales.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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