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FINANCIAL NEWS
Kuwait KPC, China Sinopec begin constructing USD9.3b refining project
20 Nov 2011
(MENAFN) China Petroleum & Chemical Corp (Sinopec) said that the company along with Kuwait Petroleum Corp. began constructing a USD9.3 million joint refining and petrochemical project in the province of Guangdong, southern China, reported Arab News.
The firm added that the complex, which would complete in 2015, would include a refinery, with an output capacity of 300,000 barrels per day (bpd), in addition to cracking unit with an output capacity of 1 million ton per year.
It also said that the project would guarantee Kuwait a steady outlet for its oil as it the country planned to increase its crude exports to China by more than a double reaching 500,000 bpd.
It is worth noting that in March, China’s National Development and Reform Commission gave its approval for the project.
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