State-owned Kuwait Integrated Petroleum Industries Company (Kipic) is no longer prioritising its planned Al-Zour integrated complex upgrade programme (Zicup).Kipic is not currently discussing the project with contractors and extensive delays are expected, sources said.The Zicup project is also known as the Al-Zour petrochemicals project, or the Petrochemical Refinery Integration Al-Zour Project (Prize), and is estimated to be worth around $10bn.It is expected to be integrated with the $16bn Al-Zour refinery and has faced significant delays in recent years.The company has not made a final investment decision for the project and has yet to reveal a schedule for when the project will be approved and tendered.In June,Kuwait was still seeking financing for the project.At the time, a source said that Kipic was looking for a similar financing deal to Kuwait’s Clean Fuels Project, which upgraded and integrated two of the country’s biggest oil refineries.For the Clean Fuels Project, the Italian export credit agency Sace guaranteed a $625m loan issued by a pool of international banks, led by BBVA Milan Branch in the role of Sace Facility Agent.The credit arrangement helped state-owned Kuwait National Petroleum Company (KNPC) finance its strategic $14.5bn Clean Fuels Project, which includes the modernisation and expansion of its Mina Abdullah and Mina Al-Ahmadi refineries.In January 2023, US-based engineering company Fluor and South Korea’s SK Engineering & Construction had withdrawn from the bidding process for the project.Kipic prequalified bidders for the planned petrochemicals complex in April 2021.It published a list of bidders eligible to bid on the three main packages of the project.The original list of the seven groups prequalified to bid for packages one and two comprised:Tecnicas Reunidas (Spain) / Sinopec Engineering Company (China)Samsung Engineering (South Korea) / CTCI Corporation (Taiwan) / Consolidated Contractors Company (Lebanon)Fluor (US) / Daewoo Engineering & Construction (South Korea) / China Huanqiu Contracting & Engineering CorporationSaipem (Italy) / Hyundai Engineering & Construction (South Korea)Technip Energies (France)SK Engineering & Construction (South Korea) / Petrofac (UK)JGC Corporation (Japan)The scope of package one includes gasoline and olefins units. It was estimated to be worth $4bn and is also known as Gasoline Engineering, Procurement and Construction (EPC) Package 5011.The scope of package two included aromatics units. It was known as Petrochemical EPC Package 5012.Package three, named Marine EPC Package 5013, covered the building of port and export facilities and onshore and offshore pipelines.Originally, four groups prequalified to bid for package three, estimated to be worth $1.5bn:China Harbour Engineering Company (China) / Saipem (Italy)SK Engineering & Construction Company (South Korea) / Larsen & Toubro Hydrocarbon Engineering (India)Hyundai Engineering & Construction Company (South Korea) / Hyundai Engineering Company (South Korea)Eiffage Genie Civil Marine (France) / Afcon Infrastructure (India) / Daewoo Engineering & Construction Company (South Korea)The project was first announced in 2006. (ICE KUWAIT)

Fonte notizia: Meed