(MENAFN) Kuwait is planning to expand its petrochemical capacity from 3.4 MTP to 7.9 MTP by 2015 at an annual growth rate of 32 percent due to anticipated increase in demand, Times of Oman reported.
The Petrochemicals Industries Company (PIC), which is foreseeing the projects, said that the new projects are expected to cost USD7.65 million and will focus on building new plants like Olefins plant at the Shauiba Complex of Kuwait.
Though the Kuwaiti petrochemical has been seeing a lot of growth, it is facing major challenges, mainly a very hard competition within the region, particularly from Saudi Arabia which accounted for 75.2 percent of the total revenue of the sector in 2012.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.