Kuwait-based, Qurain Petrochemical Industries Company will soon develop a firm that will set up two petrochemical plants by spending $700 million.
On the basis of a report released by Qurain, it owned 90 percent stake in the new venture, United Petrochemical Company and United Industries Company owned the rest
As per reports, the plants will also be the country's first plants for manufacturing terephthalic acid (PTA) and polyethylene terephthalate (PET).
These materials will be utilised for producing plastic bottles and packaging for food products.
Although, the exact date of commencing civil work for the plant was not revealed, but United Petrochemical Company had acquired all the necessary licenses.
ALCHEMPro News Desk - India
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