Kuwait Petroleum Corporation is planning to launch a new integrated downstream company to manage the giant Al-Zour oil refinery currently under construction and a nearby petrochemical complex, according to local media reports.
The planned integrated complex, valued at $27bn, will be called Kuwait Petrochemicals and Refining Company, and will be located in the Al-Zour region in the south of Kuwait.
Procedures to launch the new company have been completed, sources told the Arabic daily Alseyassah, adding that as much as 50% of the project may be made available to the private sector, including firms and individuals.
“KPRC will manage Al Zour refinery, the petrochemicals complex and a project to supply gas to the complex,” the paper said, adding that the project involves production of fertilisers, olefins and aromatics, according to an Emirates 24/7 report.
“The new project will be called ‘Al-Zour oil complex’…the integration process will reduce costs and increase profitability,” the paper added.