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Kuwait invests $ 3.2 billion in Polypropylene Project in Canada
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KUWAIT (Reuters) - Kuwait's state-owned Kuwait Oil Industries (KEC) said on Tuesday it had decided to invest in a $ 3.2 billion polypropylene production in Alberta, Canada.
Kuwait Chemical Industries Company (KPC) said in a statement that it would implement the project in cooperation with the Canadian company "Bambina", according to Kuwait News Agency (KUNA).
The plant will be built through Canada and Kuwait Petrochemicals Company, which will be jointly owned by Canadian company Pampina, and is the latest offshore company of the Kuwait Chemical Industries Company.
The project will strengthen Kuwait's position in the global petrochemical industry and is in line with Kuwait Petroleum Corporation's strategy to expand petrochemicals both inside and outside the country to maintain its position in the industry.
The project, which is one of the company's strategic projects outside of Kuwait and in a country with an attractive investment climate and high economic competitiveness, is important.
The plant's production capacity will reach 550,000 tons annually through the use of de-hydrogenation technology, with the expected completion of the project in the third quarter of 2023, the statement quoted Deputy Chief Executive Officer of Kuwait Olefins and Perfumes Company, Suleiman Al Marzouki.
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