Kuwait's ministry of commerce and industry has approved a request by state-owned Kuwait Petroleum Corp to establish a new subsidiary to carry out refinery and petrochemicals projects, the Kuwait Times reported Tuesday.
The new company, Kuwait Integrated Petrochemical Industries Co., which will have a capital of nearly $6 billion, will execute major downstream projects, such as the construction of the 615,000 b/d greenfield Al-Zour refinery, along with an associated petrochemicals complex and new LNG import terminal.
Kuwait National Petroleum Co., another KPC subsidiary is in the early stages of building the refinery, which is expected to raise Kuwait's refining capacity to 1.4 million b/d. A petrochemicals plant had also been proposed for the site.
KPC is the holding company for Kuwait's energy enterprises, and currently has eight subsidiaries. It is expected to offer a stake in the company to the public, the Kuwait Times reported.
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