Kuwait hopes to seal $9 billion refinery deal in China soon
The project, which was initially approved in 2006, has faced several delays, and is now expected to be concluded by the end of this year.
March 1, 2010 5:14 by kippreport
Kuwait is hoping to sign a deal to build a $9 billion refinery in China by the end of the year, Kuwait Petroleum Corp’s (KPC) CEO Saad al-Shuwaib told official news agency KUNA on Monday. “We expect to obtain final approval … by the end of the year,” he said, adding that the project’s investors were hoping to commission the 300,000 barrels per day refinery by 2013. The project, which was initially approved in 2006, has faced several delays since then.
The joint venture is owned 50 percent each by KPC and Sinopec , and KPC is planning to sell 20 percent of its share to international partners, reports Reuters. According to Shuwaib, KPC is already in talks with many global companies, but is waiting for the deal to be finalized.
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