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FINANCIAL NEWS
Delays on Algerian methanol project: QPIC
04 Apr 2011
(MENAFN) Kuwait’s Qurain Petrochemical Industries Company’s (QPIC) chairman, Sheikh Mubarak Al Mubarak Al Sabah, said that because of management restructuring in the company’s partner, Sonatrach, a delay occurred on the methanol project in Algeria, reported Arabian Oil and Gas.
Sheikh Mubarak said that Sonatrach also asked for major modifications to the deal that was already closed, and that QPIC is still studying the new requests.
The deal in subject was closed back in 2007 and was worth USD900 million. QPIC was granted the project under a consortium of four companies. Once the project is completed, it should have a production capacity of 1 million ton of methanol annually.
It is worth noting that (QPIC) was established by an Amiri Decree back in 2004 with a share capital of USD395.8 million.
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