KNPC, KIPIC sign cooperation protocol
KUWAIT: The Kuwait National Petroleum Company (KNPC) will offer support to the recently-founded Kuwait Integrated Petrochemical Industries Company (KIPIC), due to a cooperation protocol both signed yesterday.
The KIPIC, a relatively nascent company, is in need of logistic and technical services during the initial period of the foundation, the KNPC said in a statement.
The protocol allows the KIPIC to exploit the operational and services contracts of the KNPC for a three-year renewable period, it added. The statement quoted the CEO of the KNPC Mohammad Ghazi Al-Mutairi as saying that his company would do its best to support the KIPIC over the foundation period.
Meanwhile, the CEO of the KIPIC Hashim Hashim said that they would coordinate with the KNPC over the coming period in a way that does not contravene with the latter’s plans and schedule of bids. The KIPIC was founded two months ago to serve as Kuwait Petroleum Corporation (KPC)’s subsidiary that runs refining and petrochemical projects, including running and executing the integration project between the refining and petrochemical complex in Al-Zour, which includes Al-Zour Refinery, a petrochemical complex and a Liquefied Natural Gas (LNG) importing facility.
LPG prices
In other news, Kuwait Petroleum Corporation (KPC) yesterday announced new prices of Liquefied Petroleum Gas (LPG) for the month of January. The price of Propane will be sold at $435 per metric ton and Butane will be sold at $495 per metric ton, KPC said in a statement.
Propane or Butane are flammable mixtures of hydrocarbon gases; they are used as fuel in heating appliances, cooking equipment, and vehicles. Prices of liquefied gases are affected by international oil prices, the performance of the US dollar against other main currencies, natural disasters, economic crises and geopolitical factors. — KUNA