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Work on $9.3bn Kuwait Petroleum Corp plant begins

by CW Staff on Nov 20, 2011

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Faruk al-Zani, chairman of Kuwait Petroleum Corp

The building of a $9.3bn refining and petrochemical complex in the southern Chinese province of Guangdong - in a joint operation between Kuwait Petroleum Corp and China Petroleum and Chemical Corp - has begun.

The plant will include a 300,000-barrel-per-day refinery and a 1m tonne-per-year ethylene cracking unit.

The project is expected to come on line in 2015.

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Kuwait Petroleum Corp has said it is still looking to partner with an international oil company for some of its 50% stake in the Zhanjiang project.

Kuwait is the world’s seventh-largest crude exporter.

The country has plans to more than double crude exports to China - the world’s second largest oil buyer - to 500,000 bpd.

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