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Qurain Petrochemicals to Set up Saudi Jubail Plant

Source: KUNA 6/9/2011, Location: Middle East

Kuwait's Qurain Petrochemical Industries Company is about to get approval for establishing a USD 1-billion plant at the Saudi Industrial City of Jubail, Essa Al-Essa, Qurain's Vice Chairman said.

Al-Essa added, in a statement to the press on the sidelines of the company's extraordinary general assembly meeting, that work is expected to start in the project by the mid of 2012, noting that the plant aims at producing BTA and BAT substances, and will absorb labor force ranging between 400 to 500 personnel, along with exporting its products.

He also said that transferring the project from Kuwait to Jubail arose out of the company's inability to provide the required land for the plant in Kuwait.

On the latest developments on Qurain's aromatics project, he made clear that the company is responsible for the projects of Paraxylene and Styrene, noting that they made good results over the past year in view of high oil prices, and soaring prices of oil derivatvies in the global market.

He also revealed that a committee was formed of the members of the Kuwait Petroleum Corporations (KPC) in order to reconsider all the company's contracts till the completion of the Paraxylene project, asserting that conditions of the petrochemicals sector is good under the current soaring prices in what will be reflected on the company's profits during the second quarter of this year.

Regarding the Methanol project in Algeria, he disclosed that in view of the political conditions and the changes made within the board of Algerian Sontrac which are not in the interest of the project, Qurain held the implementation of the project in one of the Gulf Cooperation Council (GCC) Arab states.

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