Kuwait’s Petrochemical Industries Company (PIC) signed a deal with Bahrain’s National Oil and Gas Authority (NOGA) to build a joint aromatics factory in the Kingdom, reported KUNA. PIC’s CEO, Mohammad Al-Farhoud, said that the agreement, which is based on the two countries partnership, includes secondary products, according to Arab Times Online.
The deal was made during a meeting held earlier between visiting Bahraini Oil Minister, Sheikh Mohammad bin Khalifa Al-Khalifa, and Kuwaiti Acting Deputy Prime Minister and Minister of Finance and Minister of Oil, Anas Al-Saleh, in the presence of Al-Farhoud.
This comes as the second partnership in petrochemicals between Kuwait and Bahrain following a previous successful one with Gulf Petrochemical Industries Company (BSC), in which the Kuwaiti company owns around 33.3%.
In related news, Egypt Oil&Gas reported earlier that the Kuwaiti Ministry of Commerce and Industry (MCI) had approved a request from Kuwait Petroleum Corporation (KPC) to set a subsidiary under the name Kuwait Integrated Petrochemical Industries Company (KIPIC) with an estimated capital of about $5.94b. The newly founded company, what would become the largest oil company in Kuwait, was expected to run refining and petrochemical projects.