China’s top economic planner has approved China Petroleum & Chemical Corp. (600028) and Kuwait Petroleum Corp.’s $9 billion refinery development in the southern province of Guangdong.
The companies will build a refinery with the capacity to process 15 million tons a year, or 300,000 barrels a day, and a 1 million ton-a-year ethylene plant in the city of Zhanjiang, according to a statement on the National Development and Reform Commission’s website today.
Kuwait has been in talks to build the refinery project since at least 2004. The complex, scheduled to start operations by 2013, will overtake Exxon Mobil Corp.’s $5 billion Fujian project to become China’s biggest refining venture with an overseas partner.
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