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Sinopec, Kuwait to build $9bn plant in China - report

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 10 May 2009
PETROCHEMICAL PLANT: Chinese energy official confirms agreement for $9 billion plant in Guangdong province. (Getty Images)
PETROCHEMICAL PLANT: Chinese energy official confirms agreement for $9 billion plant in Guangdong province. (Getty Images)

Kuwait Petroleum Corp. and China Petroleum & Chemical Corp. (Sinopec), along with an overseas oil producer, have agreed to construct a $9 billion petrochemical and refining plant in Guangdong province, China's energy authority chief said on Sunday.

The report from news agency Bloomberg also quoted Zhang Guobao, China's National Energy Administration head, as saying the third party will either be Royal Dutch Shell or BP and that the plant will be in Zhanjiang instead of a previously planned location in Guangzhou.

Last month Sinopec signed a 116.9 million dinar ($402 million) five-year contract with Kuwait to build five oil rigs in the Gulf state - the tender being part of its plan to boost oil output to 4 million barrels a day by 2020.

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