Kuwait, China Hold Groundbreaking Ceremony for $9 billion Refinery

Kuwait and China jointly held a groundbreaking ceremony for a $9 billion refinery and petrochemical complex in the southern Chinese city of Zhanjiang, with completion scheduled for late 2014, Kuwaiti Consul General in Guangzhou Abdulwahab Al-Sager said yesterday.

The project is a major pillar that helps spur investments, trade, and the oil industry between the two countries," Al-Sager said in a statement. "At the ceremony, leaders across the province have expressed happiness in realizing their dream to start this important project, which is vital in the field of energy, and have also shown interest in future cooperation with Kuwait in other mutually-beneficial projects," the diplomat added.

Under the 50-50 joint venture between state-run Kuwait Petroleum Corporation (KPC) and China's top refiner Sinopec, a 300,000 barrel-per-day refinery and a 1 million-ton-a-year ethylene plant, and related utilities will be built in a petrochemical industrial park on Donghai Island of Zhanjiang in the Guangdong Province. Kuwait has pledged to supply all the crude feedstock for the world-class integrated complex.

Guangdong's Party Secretary, Wang Yang, Kuwait Petroleum International (KPI) Business Development Director Meshari Al-Mahmoud, KPI Beijing Office Coordinator Khalifa Al-Qallaf, and Sinopec President Wang Tianpu, among others, also attended the ceremony.

(kuwaittimes.net , Edited by Topco)