{"id":1518,"date":"2022-09-15T16:53:25","date_gmt":"2022-09-15T16:53:25","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=1518"},"modified":"2022-09-15T16:53:27","modified_gmt":"2022-09-15T16:53:27","slug":"kuwait-scraps-petrochemical-project-in-canada","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/1518\/","title":{"rendered":"Kuwait scraps petrochemical project in Canada"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Alternative projects on the card&nbsp;<\/p>\n\n\n\n<p>OPEC producer Kuwait has decided to scrap a multi-billion-dollar joint petrochemical venture in Canada after it was found to be unfeasible, a newspaper reported on Thursday.&nbsp;<\/p>\n\n\n\n<p>The state-owned Petrochemical Industries Company (PIC) decided in early 2022 to suspend the project after it suffered from a loss of nearly 71.4 million Kuwaiti dinars ($235.6 million) because of work stoppage and the cancellation of two project loans of $1.7 billion and $150 million due to the spread of Coronavirus.&nbsp;<\/p>\n\n\n\n<p>The Company, the Gulf state\u2019s overseas downstream investment arm, presented a recommendation for a complete cancellation to the Kuwait Petroleum Corporation (KPC), the top oil authority in the country.&nbsp;<\/p>\n\n\n\n<p>\u201cKPC Board of Directors has decided to cancel the project, which has an estimated cost of $2.5-3 billion, at the request of PIC,\u201d the Kuwait Arabic language daily Alrai said, quoting informed sources.&nbsp;<\/p>\n\n\n\n<p>It said PIC is now studying a number of other projects which will be revealed later, adding that equipment bought for the petrochemicals venture in Alberta for around $246 million would be sold to minimise project losses.&nbsp;<\/p>\n\n\n\n<p>PIC agreed in 2019 to set up the joint venture in Alberta with Pembina Pipeline of Canada and that the two firms had shortlisted bidders for the project.&nbsp;<\/p>\n\n\n\n<p>Pembina said in 2020 the two partners agreed to invest nearly$ 3.4 billion for the&nbsp;construction of a propane dehydrogenation (PDH) plant and a polypropylene (PP) upgrading facility. The project was to be owned equally by their joint venture Canada Kuwait Petrochemical (CKPC).&nbsp;&nbsp;<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-09-15T16:53:27+00:00\"> 15 September 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Alternative projects on the card&nbsp; OPEC producer Kuwait has decided to scrap a multi-billion-dollar joint petrochemical venture in Canada after it was found to be unfeasible, a newspaper reported on Thursday.&nbsp; The state-owned Petrochemical Industries Company (PIC) decided in early 2022 to suspend the project after it suffered from a loss of nearly 71.4 million [&hellip;]","protected":false},"author":1,"featured_media":1519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,21,35],"tags":[],"services":[],"class_list":["post-1518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-petrochemical","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/1518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=1518"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/1518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/1519"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=1518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=1518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=1518"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=1518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}