$9bn joint venture oil refinery and petrochem plant to be set up in China's southern city of Zhanjiang
State-run Kuwait Petroleum Corp (KPC) and China's Sinopec will start the construction of their $9bn joint venture oil refinery and petrochemical plant in China in the first quarter of next year, Kuwait's news agency reported on Sunday.
KUNA was citing Ruan Risheng, the mayor of southern city of Zhanjiang, where the refinery will be built, following China's approval of the joint venture in March.
Last month, Kuwait said it was in talks with BP and other major energy companies over a possible role in the refinery project.
The country, the world's fourth-largest crude exporter, aims to more than double its crude exports to China to reach 500,000 barrels per day (bpd).
The project will secure Kuwait a solid outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.