State-run Kuwait Petroleum Corp., or KPC, and China Petrochemical Corp. SNP +0.45% , or Sinopec, have moved closer to conclude an acceptable deal for implementing a $9 billion joint refinery and petrochemical project in China, state-run Kuwait News Agency, or Kuna, reports Thursday citing an executive.
The project involves the construction of a 300,000 barrels a day refinery and a 1 million-metric-ton-a-year ethylene plant in China's Guangdong province. Kuwait will be the sole supplier of crude oil to the complex that will be located on the Donghai Island in the southern coastal city of Zhanjiang, the news agency reports.
Farouk Al Zanki, KPC's chief executive, and Sinopec Chairman Fu Chengyu also agreed to forge a strategic alliance between their two companies in order to expand cooperation beyond the planned refinery project, the news agency says.
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