(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 doesn't help the project, Al-issa told reporters on the sideline of the general assembly of the company. ⌠It's 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.