Kuwait, Sinopec ink $9bn China refinery deal
Dubai, March 17, 2011
State-run Kuwait Petroleum Corp (KPC) has signed a joint venture deal worth around $9 billion to build an oil refinery and petrochemical plant in southern China, Kuwait's state news agency said on Wednesday.
KPC and Sinopec, China's biggest refiner, are equal partners in the project, said the Kuna report.
Earlier this month, China approved the $9 billion joint venture, which will be built in the southern coastal city of Zhanjiang.
The project will secure Kuwait, the world's fourth-largest crude exporter, a solid outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.
Kuwait aims to more than double its crude exports to China to 500,000 barrels per day (bpd), versus last year's sales at just under 200,000 bpd.
KPC in 2009 briefly tapped potential investors Shell and Dow Chemical, but the companies did not make any commitment for a consortium.-Reuters
More Energy, Oil & Gas Stories
- Egypt will get oil aid from Arab states
- New technology for Bahrain's gas industry to save $300m
- Innovations key focus at Geoscience expo
- Iran seals gas export deal with Oman
- Total unit inks Elf Lubricants agreement
- Opec raises forecast for 2014 global oil demand
- Mitsui joins DME as trading member
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director