Monday, Feb 13, 2012
KUWAIT CITY (Dow Jones)--Kuwait will complete the feasibility study soon for a joint venture deal with and France's Total SA (TOT) to build a 300,000 barrel per day refinery and 1 million metric ton-per-year ethylene complex in the southern city of Zhanjiang in China, the head of the country's state oil company said Monday.
"Kuwait Petroleum Corp. has already formed a team to do a feasibility study on the project in China, and the team is expected to complete it soon," KPC Chief Executive Farouk al-Zanki said on the sidelines of an energy conference in Kuwait.
Kuwait-based Al Anba daily reported earlier this year that the Gulf nation has given its initial approval for Total to be a partner in the joint venture and will soon sign a memorandum of understanding with the French oil giant to this purpose.
KPC's main partner in the $9 billion joint venture is China Petroleum and Chemical Corp. (0386.HK), or Sinopec. Kuwait's oil minister has said that other Chinese firms would be included in the project.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
13-02-12 1641GMT
