Kuwait's joint venture refining and petrochemicals projects in China and Indonesia are set for start-up in 2015 and 20a17 respectively, as per the president of state-owned Kuwait Petroleum International in Platts. A final investment decision on a similar project in Vietnam is within striking distance.
The total capital cost of the Chinese project, a joint venture between KPI's parent Kuwait Petroleum Corp. and Sinopec is an estimated US$9.5 bln. The refinery would have a total oil-processing capacity of 300,000 bpd and fuel-production capacity of 10 mln mtpa, with output consisting mainly of gasoline, diesel and jet fuels. The integrated petrochemicals complex would produce mainly ethylene with an output capacity of 1 mln mtpa. KPI and its sister entity Kuwait Petrochemicals Company together manage Kuwait Petroleum's 50% stake in the project, which received final approval from Beijing in March 2011. That holding will fall to 30% if France's Total elects to join the venture with a 20% stake.
The proposed 200,000-300,000 bpd refining and chemicals complex in Indonesia is at the planning stage. Existing project partners, Kuwait Petroleum and Pertamina, are in the process of selecting an international partner for the development.