Shell, Dow to hold 20% in Kuwait-China refinery project

PETROCHEMICAL PLANT: Kuwait-China joint venture expected to be up and running by 2013. (Getty Images)

Royal Dutch Shell and Dow Chemical will each hold a 10 percent stake in Kuwait's joint petrochemical plant venture with China's Sinopec Corp, Kuwait's oil minister said on Monday.

Sheikh Ahmad al-Abdullah al-Sabah told the official Kuwait News Agency that the plant, which would be completed in 2013, would raise Kuwait's oil exports to China to 500,000 barrels per day.

Sheikh Ahmad said Kuwait's stake in the plant would be 30 percent while its Chinese partner will own half of the plant which will process 300,000 bpd of Kuwait's crude oil.

The news came after earlier confirmation that Kuwait had signed an agreement with China to build the oil refinery and petrochemicals complex in Guangdong province. The project is thought to be worth up to $9 billion.

The planned facility will include a refinery as well as a one million tonne-per-year ethylene complex.

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