Feasibility report on Sino-Kuwaiti JV in Guangdong to be submitted to Chinese authorities for approval in H2-08

27-Dec-07
The results of a feasibility study for the multi-billion Sino-Kuwaiti joint venture in south China's Guangdong Province is expected to be completed next year. The findings for the project will be submitted to the Chinese authorities for approval in H2-08. Though an initial study finds all parameters in order, the only possible delay in the development could be the fact that KPC is the only promoter of the project. As per convention, such projects require clear directions from the National Development and Reform Commission (NDRC), China's top economic planning agency, which draws up country's development and major projects over a five-year cycle. Kuwait Petroleum International (KPI), the international refining and market arm of the KPC, has formed the joint venture with China's biggest oil refiner Sinopec Corp. to construct the integrated complex, to be located in the Nansha area of provincial capital Guangzhou. The refinery will be designed to process 100% Kuwaiti crude supplied by the KPC, with 260,000 bpd capacity, and a one mln tpa ethylene cracker.
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