PIC says new olefins plant to cost US$5 billion

Other stories: Top 10 Middle East oil & gas events in 2010 | World's 10 largest oilfield technology companies | World's 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009's winners and losers in the oil industry | 10 events in oil's history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies | World's 10 largest oilfield services companies | World's 10 largest oil and gas contractors

A new petrochemical plant being planned by Petrochemical Industries Co (PIC) in Kuwait will have a construction budget of around US$5 billion according to an official working for the company.

Reuters reported that the new facility will cost $2 billion more than the estimate given by the Kuwait Oil Ministry.

Yousef al Atiqi, PIC deputy managing director for olefins is quoted as saying that the new facility will be fully operational by 2015 and when completed have a production capacity of 1 million metric tonnes per annum (mtpa) of ethylene.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

Atiqi also said that the proposed plant is in the preliminary studies phase and will be the company’s third olefins complex,

PIC currently produce about 1.65 million mtpa of ethylene and its derivatives at its two olefins plants.