China's top economic planning body, the National Development & Reform Commission granted final approval for the $9 billion refinery, petrochemical joint venture between Sinopec and Kuwait, two sources told Reuters.
The venture, including a 300,000 barrel-per-day refinery and a 1 million tonne-per-year ethylene complex, would make Kuwait the second OPEC nation after Saudi Arabia to have a major refining presence in the world's fastest growing major oil market.
The project, to be built in the southern coastal city of Zhanjiang and potentially one of the country's largest foreign investments, would be 50-50 owned by Sinopec Group, parent of top Asian refiner Sinopec Corp (0386.HK: Quote).
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