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FINANCIAL NEWS
Kuwait, Sinopec sign USD9b deal
17 Mar 2011
(MENAFN) Kuwait and China signed agreements on worth USD9 billion for constructing an oil refinery and petrochemical plant in south China, reported KUNA.
KPC and Sinopec, China’s biggest refiner, are equal partners in the project.
The project would give Kuwait a solid outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.
Earlier this month, China approved the USD9 billion joint venture which would be built in the southern coastal city of Zhanjiang.
It is worth noting that 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.
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