Kuwait PIC signs $3.2 billion deal

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KUWAIT CITY, Feb 5, (KUNA): Kuwait Petrochemical Industries Company (PIC) has clinched a major contract worth USD 3.2 billion for a project to turn propane into plastic, which will deliver world prices to land-locked western Canadian oil and gas producers.

The joint venture with Canada’s Pembina Pipeline is among the Kuwaiti petrochemical firm’s first foreign forays, the company said in a statement on Tuesday. The project will help solidify Kuwait’s position as a world-class petrochemical hub, which fits into KPIC’s plans of seeking more exposure abroad, the statement added.

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