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FINANCIAL NEWS
Kuwait Petroleum, Total to cooperate in China refinery
14 Mar 2012
(MENAFN) Kuwait Petroleum Corp (KPC) inked a partnering deal with energy giant Total to cooperate in a Kuwait-China oil refinery joint venture, AFP reported.
The two partners, along with China’s Sinopec, will build a refinery in Zhanjiang, in China’s southern Guangdong province, with a processing capacity of 300,000 barrels per day ok Kuwaiti oil, in addition to a petrochemical complex.
Kuwait Petroleum International (KPI), KPC’s international arm, and China’s state-owned Sinopec signed an agreement more than two years ago to build the USD9 billion complex.
Total CEO Christophe de Margerie said that the company will own 20 percent of the project, while KPC will hold 30 percent.
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