Kuwait's Qurain Petrochemical Industries Co (QPIC) plans to develop a petrochemical plant in Saudi Arabia, expected to cost more than $1 billion, it said on Monday.

United Industries Co, a Kipco Group company, is a major shareholder in QPIC.

The complex, which will be located in Saudi Arabia's petrochemicals hub, Jubail, will produce an annual 800,000 tonnes of polyethylene terephthalate (PET) and 1 million tonnes of purified terephthalic acid (PTA). Paraxylene will be used as feedstock.      

The company has appointed IHS to advise on the planning and development of the project, it said. - Reuters