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FINANCIAL NEWS
KPC, Sinopec schedule refinery plans in 2012’s Q1
22 May 2011
(MENAFN) Mayor of China’s city of Zhanjiang, Ruan Risheng, said that work on the new refinery in the city by Kuwait Petroleum Corp (KPC) and China’s Sinopec wis scheduled to start in the first quarter of the coming year, reported KUNA.
The mayor said that the two companies had signed an agreement for the development of a USD9 billion oil refinery and petrochemical plant in China.
For Kuwait, this joint venture that would be implemented through the state-run KPC, would help the country secure a consistent outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.
It is worth noting that Kuwait is also negotiating BP and other major energy companies over a possible role in the refinery project.
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