Kuwait hopes to reach a final agreement with China on a long-delayed project to build a US$9 bln refinery and petrochemical venture. The country is expecting a "candid exchange of views" with Chinese officials on the project that could be located in China's southern Guangdong province. The joint project has been repeatedly delayed over its location since signing the memorandum of understanding in 2005.
Kuwait Petroleum International, has teamed up with China's largest oil refiner Sinopec Corp. for the 300,000 barrels per bpd facility estimated to come on stream by 2012. The project, which would also include an ethylene cracker unit with an annual production capacity of one million tons, would process crude from Kuwait.