Kuwait’s Petrochemical Industries Company (PIC) is planning to start construction on two new mega petrochemicals projects by 2018.

PIC is planning to build an estimated $7bn olefins III project and an estimated $2bn purified terephthalic acid/polyethylene terephthalate scheme.

“Feasibility studies have been completed and are currently being revisited as we look into feedstock. We are currently talking to KPC about feedstock for the schemes,” said Naser al-Anezi, manager corporate planning, PIC, speaking at MEED’s Energy and Infrastructure Projects 2012 on 6 November.

The Olefins III project will contain a 1,400kta ethylene capacity cracker, which is planned to be based on a mixed feed of ethane and LPG/naphta. The site would produce commodity and speciality petrochemical products.

If completed, Al-Anezi said that the two schemes would contribute a combined total of KD599m-650m ($2.1bn-$2.3bn) to gross domestic product.