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Kuwait's QPIC exits Sonatrach methanol project

June 10/2011

(Arabian Oil and Gas) -- Kuwait's Qurain Petrochemical Industries Company (QPIC) has decided to scrap the idea of establishing a methanol project in Algeria, and decided to set it in one of the GCC countries, according Issa Al-Issa, vice board chairman of QPIC.

Instability within the management of our local partner Sonatrach doesnt help the project, Al-issa told reporters on the sideline of the general assembly of the company. Its better to re-locate the project in another GCC country, he added.

In 2007, QPIC won a USD 900m contract to establish a 1 million t/y methanol plant in Arzew, on the western coast of Algeria.

The company was a part of the Almet consortium which includes in addition to QPIC, Lurgi, Mitsui and Sotraco.

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