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Kuwaiti-Sino Oil Complex Costs USD 9 Bln

Source: KUNA 8/11/2011, Location: Asia

A Kuwaiti-Chinese oil complex to be built in Zhanjiang in south China costs a total of USD nine billion, China's ambassador in Kuwait said.

Interviewed by a Kuwaiti Oil Ministry magazine, Huang Jiemin hailed fruitful and constructive cooperation between China and Kuwait. Two-way trade exchange increased markedly to USD 8.5 billion last year, he added.

Over 30 Chinese companies are participating in economic development in Kuwait, as Kuwait has opened a new investment office in China, he said. Kuwaiti-Sino cooperative relations have developed over recent years; particularly in the energy field, he said, adding that this cooperation has led to the signing of a bilateral framework oil agreement in 2004.

This cooperation was also reinforced in 2005 when Kuwait Petroleum Corporation (KPC) opened a new representative office in Beijing, and a long-term supply deal was hammered out in 2008, he noted.

An oil well digging agreement was also signed between Kuwait Oil Company and China Petroleum and Chemical Corporation (Sinopec) in 2009, the Chinese ambassador added. Also as part of bilateral cooperation, both sides inked a petrochemical refinery and complex project agreement in Zhanjiang in the province of Guangdong in south China, Huang said.

This joint project between KPC, represented by Kuwait Petroleum International (KPI), and Sinopec costs a total of USD nine billion, he said. Preparations for the project are to be launched soon, he affirmed. The project includes a crude oil refinery with a capacity of 300,000 barrels per day and an ethylene complex with a capacity of one million tons annually.

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