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Pembina Pipeline Corporation and Petrochemical Industries Co. of Kuwait Establish Joint Venture and Proceed with Front End Engineering Design for Proposed 1.2 Billion Pound Per Year Integrated Polypropylene Facility
Pembina Pipeline Corporation and Petrochemical Industries Co. of Kuwait Establish Joint Ve...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation and Petrochemical Industries Co. of Kuwait Establish Joint Venture and Proceed with Front End Engineering Design for Proposed 1.2 Billion Pound Per Year Integrated Polypropylene Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 15, 2017\n\n\n\nCALGARY, May 15, 2017 /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or \"the Company\") (TSX: PPL; NYSE: PBA) is pleased to announce that it, along with Petrochemical Industries Company K.S.C. (\"PIC\") of Kuwait, has reached key milestones for the previously announced proposed integrated propylene and polypropylene production facility in Sturgeon County, Alberta (\"PDH/PP Facility\" or the \"Project\"). Pembina and PIC have executed 50/50 joint venture agreements (the \"Joint Venture\") that includes binding commercial terms in support of the Project and have formed a new entity, Canada Kuwait Petrochemical Corporation (\"CKPC\"). Additionally, Pembina is pleased to announce that CKPC will proceed with activities for front end engineering design (\"FEED\") for the Project.  \n\n\"The encouraging results of the recently completed feasibility study, the previously announced award of $300 million in royalty credits from the Alberta Government's Petrochemicals Diversification Program, and a Joint Venture with our world class partner, PIC, gives Pembina the confidence to further advance the Project,\" said Stuart Taylor, Pembina's Senior Vice President, NGL & Natural Gas Facilities. \"This Project represents a material extension of our natural gas liquids value chain strategy and creates a significant incremental local market for western Canadian hydrocarbons.\"\n\n\"PIC is looking forward to progressing the development of this Project into FEED stage. Establishing a Joint Venture with Pembina and investing in a large-scale value-addition project will contribute to PIC's continued pursuit of sustainable and globally-diversified petrochemical growth,\" said Mrs. Hosnia Hashim, PIC's Deputy Chief Executive Officer, Olefins and Aromatics. \"This Joint...