Jan 26 2012 |
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Kuwait Gives Initial OK For Entry Of Total In China JV -Report
Thursday, Jan 26, 2012
BEIRUT (Zawya Dow Jones)--Kuwait has given its initial approval for the entry of Total S.A. (TOT) as partner in its planned oil refining and petrochemical joint venture with China and will soon sign a memorandum of understanding with the Paris-based oil giant for this purpose, Kuwait-based Al Anba daily reports Thursday citing an executive.
The MoU will be signed with Total 's chairman and the French firm will be informed about all the developments on the project, Farouk Al Zanki, chief executive of state-run Kuwait Petroleum Corp., or KPC, said according to the paper. He added that Total will play a major part in all the phases of the project and will participate in negotiations relating to it as well.
Total has been selected because it experience of the Chinese market, the daily cites Zanki, as saying.
Kuwait's oil minister said earlier this week that other Chinese firms would be also included in the project.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-01-12 0459GMT
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