Jan 24 2012 |
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Kuwait, China Mull Including Total, Other Cos In Refinery, Petchem JV-Report
Tuesday, Jan 24, 2012
BEIRUT (Zawya Dow Jones)--Kuwait and China are considering including foreign companies in their planned oil refining and petrochemical joint venture, Kuwait-based Al Seyassah daily reports Tuesday citing Kuwaiti oil minister Mohammad Al Busairi.
The proposal, to perhaps include France's Total as well as other Chinese firms, was made due to the huge size of the project whose two main partners are state-run Kuwait Petroleum Corp., or KPC, and China Petrochemical Corp. (SNP), or Sinopec, Busairi, who is also state minister for national assembly affairs, said according to the paper.
The fact that the project was officially launched in October doesn't mean that implementation will start soon, Al Seyassah cites him as saying.
The project is expected to cost $9 billion and will involve 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, according to earlier reports.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
24-01-12 0545GMT
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