Petrochemical Industries Co., a unit of state-owned Kuwait Petroleum Corp., plans to build a third olefins plant that may cost as much as $5 billion, the company’s deputy managing director of olefins said.

Petrochemical Industries expects to complete plans for the plant this year, Yousef al Ateeqi told reporters in Kuwait City today. The facility may have a production capacity of more than 1 million metric tons a year of ethylene and should be operational in 2015, he said.

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