China approves Kuwaiti oil refinery joint project
3/16/2011 12:00:00 AM
Beijing officials have approved a bid by Kuwait Petroleum Corp. (KPC) to build an oil refinery in cooperation with China Petroleum and Chemical (Sinopec). According to an PetroPlaza newsletter, this US$9 billion project includes a refinery with capacity of 300,000 bpd located in the southern Guangdong province. An ethylene plant and related infrastructure - pipelines, jetties and utilities - are also part of this project. Both partners will hold a 50% stake in the joint venture, and Kuwait will supply crude oil to the refinery.
It remains unclear whether KPC has been granted approval for its plan to sell the refined oil to Chinese consumers via its Q8 brand petrol station
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