Gulf Oil and Gas accountACCOUNT

New Kuwaiti Company to Build Petrochemical Plants

Source: Al Waten Daily News 6/2/2010, Location: Middle East

Share |
Kuwait's Qurain Petrochemical Industries Co. (QPIC) said it has established a company which will build two petrochemical plants at the cost of 700 million US dollars.

QPIC said in a statement it owned 90 percent of the new venture called United Petrochemical Co. (UPC), while United Industries Co. owned the rest. It said the plants will be the country's first for producing purified terephthalic acid (PTA), and polyethylene terephthalate (PET). The materials will be mainly used in making plastic bottles and food packaging, the statement said.

QPIC did not say when the plants were expected to built, but it said UPC "has received all required licenses."

PTA is used in the production of such products such as film, fiber, with the majority of the production used for PET production. The production of PET is then mainly used in the making of plastic water bottles and food packaging. Annual global consumption of PTA is expected to reach 60 million tons by 2015, from 38 million tons in 2008. The world-scale petrochemical plants will utilize Paraxylene (PX) produced by the Kuwait Aromatics Company, in which QPIC owns 20 percent. The Kuwait Paraxylene plant began production in December 2009 and produces 820,000 ton of Paraxylene annually.

"The PTA/PET project is part of QPIC's long term strategy focused on developing downstream petrochemical projects in the GCC (Gulf Cooperation Council) and MENA (Middle East and North Africa) regions and utilizing its assets to enhance returns to shareholders" concluded Sheikh Mubarak Abdullah Al-Sabah, the QPIC Board Chairman.

Organization of Petroleum Exporting Countries (OPEC) member Kuwait is the world's fourth-largest oil exporter.

Polyethylene >>

Polyethylene News in Kuwait >>

United Arab Emirates >>  11/11/2018 - On behalf of the Abu Dhabi government, the Abu Dhabi National Oil Company (ADNOC) has signed an agreement with French oil and gas major Total, grantin...
Saudi Arabia >>  11/7/2018 - WorleyParsons has been awarded a five-year framework agreement by Saudi Basic Industries Corporation (SABIC), for the provision of engineering, procur...

Israel >>  11/4/2018 - Israel announces the launching of its second bid round to grant exploration licenses for natural gas and oil in Israelís economic waters in the Easter...
United Arab Emirates >>  11/4/2018 - Abu Dhabiís Supreme Petroleum Council (SPC) approved the Abu Dhabi National Oil Companyís (ADNOC) new integrated gas strategy and plans to increase it...

Saudi Arabia >>  10/23/2018 - At the highly impactful Future Investment Initiative (FII) forum in Riyadh, Saudi Aramco signed 15 Memoranda of Understanding (MoUs) and strategic an...
Saudi Arabia >>  10/22/2018 - Seabed Geosolutions (Seabed) and its partner have been awarded a 3D ocean bottom node survey in the Red Sea. The S-79 project will require the acquisi...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.