Kuwait National Petroleum Company (KNPC) and the Petrochemicals Industries Company (PIC) signed early May agreements to transfer contracts of key projects to Kuwait Integrated Petrochemical Industries Company (KIPIC), reported MENAFN.

KNPC’s CEO, Mohammad Al Mutairi, told Kuwait News Agency (KUNA) that the agreements will be the actual start point for the newly launched company (KIPIC).

The projects in the signed agreements include Al-Zour Refinery, facilities for importing liquefied natural gas, and Project Management Consultant (PMC) contract for petrochemicals complex project. The newly signed deals are thought to boost Kuwait’s economy.

Moreover, KIPIC’s CEO, Hashim Sayyid Hashim, said that these are the largest projects in the oil sector. The value of Al-Zour Refinery and liquefied gas facilities exceed $19.8b, he added.

Al-Zour Refinery Project is currently completed by 28.36%, while the liquefied gas import project is executed by 11.11%.

The launch of KIPIC was approved by the Ministry of Commerce and Industry late 2016, by a request from Kuwait Petroleum Corporation (KPC).