Middle East Economic Survey

VOL. LI

No 25

23-June-2008

ALGERIA

QPIC Acquires 21.7% Stake In Algeria Methanol Project

Kuwaits Qurain Petrochemical Industries Company (QPIC) announced on 18 June that it has acquired a 21.7% stake worth $150mn in a $700mn methanol plant project in Algeria. A consortium led by QPIC won the bid to build, operate and maintain the methanol plant. QPIC will sign the contract on 7 July and the plant is expected to start production at end-2010. QPIC did not disclose the...