Results of feasibility study on KIPIC project expected in Sept

KUWAIT CITY, Aug 3: A report by MEED Projects Monitor stated that the Kuwait Integrated Petroleum Industries Company (KIPIC) in September is expected to receive the result of a feasibility study for the AlZour Petrochemical Project, reports Al-Qabas daily.

It is no secret that the estimated cost of the project in about 10 billion dollars.

The MEED report stated that the project’s feasibility study is being carried out by the British consultancy company “Wood Mackenzie”, and that an invitation to submit bids for the project will be issued next year, according to the earliest estimates.

MEED suggested the date for floating the tenders will be approved based on the results of the study carried out by the British consulting company.

The sources added, the project’s feasibility study will review the expectations of the oil and petrochemical products market over the next 25 to 35 years, and the feasibility study will also assess the possibility of the project’s profitability being affected due to the long-term effects of the Corona pandemic on the nature of the petrochemical sector business.

MEED stated that in May 2019, KIPIC, a subsidiary of the Kuwait Petroleum Corporation, developed a long-term petrochemical strategy, and the company said at that time that it aims to achieve for Kuwait a global and influential position in petrochemicals, and that Kuwait’s investments in the petrochemical sectors will create value added from its oil resources and will create an industrial base that will help it diversify its economy.