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FINANCIAL NEWS
Kuwait’s KPC, Total reach deal for China refinery JV
25 Jan 2012
(MENAFN) Kuwait’s oil minister, Mohammad al-Baseeri, said that Kuwait Petroleum Corp. (KPC) and Total reached a deal, under which the French oil giant would become a partner in a Kuwait-China refinery joint venture, reported Emirates 24/7.
Al-Baseeri added that more than two years ago, Kuwait Petroleum International (KPI), the international arm of KPC and China’s Sinopec inked a deal to construct the USD9 billion refinery and petrochemical complex in China’s southern Guangdong province.
He also said that KPI has been in talks with foreign oil companies to sell 20 percent of its 50 percent stake, or 10 percent of the total project, which is expected to start operations in 2014 or 2015.
It is worth noting that the Total deal was inked after Shell withdrew from talks to become a partner in the refinery joint venture.
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