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FINANCIAL NEWS
Kuwait’s Qurain Petrochemical sets up new firm
02 Jun 2010
(MENAFN) Kuwait’s Qurain Petrochemical Industries Company said that it has established a company which will build two petrochemical plants at the cost of $700 million, Kuna reported.
Qurain said in a statement it owned 90 percent of the new venture called United Petrochemical Company, while United Industries Co owned the rest. It said the plants will be the country’s first for producing purified terephthalic acid (PTA), and polyethylene terephthalate (PET).
The materials will be mainly used in making plastic bottles and food packaging, the statement said.
Qurain did not say when the plants were expected to built, but it said UPC has received all required licenses.
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