Approval for US$9 bln Sinopec-Kuwait refinery, petrochemical joint venture

08-Mar-11

China's leading economic planning body National Development & Reform Commission has granted final approval for the US$9 bln refinery, petrochemical joint venture between Sinopec and Kuwait, as per Reuters. The venture, to be built in the southern coastal city of Zhanjiang of Guangdong province, includes a 300,000 bpd refinery and a 1 mln tpa ethylene complex. With this, Kuwait follows Saudi Arabia to have a major refining presence in the world's fastest growing major oil market. The project will be 50% owned by Sinopec Group, while Kuwait is likely to hunt for a second or a third foreign partner for joint funding of the balance 50%.