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KIPIC’s Al Zour petrochemical complex may cost $8bn

KIPIC’s Al Zour petrochemical complex may cost $8bn
KIPIC's headquarters
NBK
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Mubasher: The estimated cost of the petrochemical complex planned to be built next to Kuwait Integrated Petroleum Industries Company’s (KIPIC) Al Zour Refinery is ranged between $7-8 billion, acting CEO Hatem Al-Awadhi said, according to Al Anba newspaper.

KIPIC signed an agreement with the investment arm of National Bank of Kuwait (NBK) to act as a local financial advisor to the petrochemical project, while a Japanese global counsellor will arrange external funding, Al-Awadhi added.

The top official revealed that 30% of the project will be financed by the company’s resources, while the remaining 70% will be financed by external sources.

As for the liquid natural gas utilities (LNG) at Al Zour Refinery, Al-Awadhi noted that 92% of it was completed, adding that the initial operating of four tanks is expected to start in September 2020.

The second phase of the LNG utilities are expected to be completed in February 2021, while the initial operating of Al Zour Refinery will start in June 2020, Al-Awadhi said.