Kuwait's QPIC plans $1bn PET plant in Saudi Arabia

15 Dec '11

1 min read

Kuwait's Qurain Petrochemical Industries Company (QPIC) is planning to set up an integrated polyethylene terephthalate (PET) plant in Saudi Arabia at a cost of one billion USD, and has engaged global information company IHS Inc to advise it on planning and development of the project.

QPIC Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said the plant would be established in Saudi Arabia's Al-Jubail industrial city.

The new petrochemical complex will use paraxylene as feedstock which will be supplied by a local refinery. It will have an annual capacity to produce 800,000 tons of PET and 1 million tons of purified terephthalic acid (PTA).

Terming the current project as a major investment project for his firm, QPIC Chairman Sheikh Mubarak said they wished to engage an industry leader to device their project implementation strategy swiftly and assertively. Hence, IHC was appointed to advise QPIC at various stages of planning and development while setting up the project.

Saudi Arabia's Jubail industrial city located to the east of the country houses one of the world's biggest petrochemical clusters with highly advanced infrastructure and availability of competitive hydrocarbon feedstock, and thus is a favourable location for big petrochemical investments.

Fibre2fashion News Desk - India