Qurain plans $1bn petchem plant in Saudi
Kuwait, December 12, 2011
Kuwait's Qurain Petrochemical Industries Co (QPIC) plans to develop a petrochemical plant in Saudi Arabia, expected to cost more than $1 billion, it said on Monday.
United Industries Co, a Kipco Group company, is a major shareholder in QPIC.
The complex, which will be located in Saudi Arabia's petrochemicals hub, Jubail, will produce an annual 800,000 tonnes of polyethylene terephthalate (PET) and 1 million tonnes of purified terephthalic acid (PTA). Paraxylene will be used as feedstock.
The company has appointed IHS to advise on the planning and development of the project, it said. - Reuters