KUWAIT  -- Kuwait is eager to ratchet up ties with China in a bid to bolster petrochemicals production, the chief executive of state-owned Kuwait Petroleum Corporation (KPC) said on Wednesday, citing Sino giant Wanhua Chemical Group as an industry pioneer.

Hailing the state-owned Kuwaiti oil company's partnership with the renowned Chinese petrochemicals firm, Sheikh Nawaf Al-Sabah told a ceremony in China's coastal city of Yantai that a new memorandum of understanding (MoU) signed between both sides was the largest Kuwaiti investment in Beijing's burgeoning petrochemicals industry.

The MoU is in addition to a "long-term" liquefied natural gas (LNG) supply deal agreed between KPC affiliate Petrochemicals Industries Company (PIC) and Wanhua, an agreement the Kuwaiti official said was a testament to the "depth" of the strategic agreement between the two sides, one that pays equal dividends for Kuwait and Beijing, he underlined.

The partnership between the two sides marks an epoch in the "illustrious relations" between KPC and Wanhua, said the Kuwaiti state-owned oil company's managing director for global marketing Sheikh Khaled Al-Sabah, describing these ties as having stood the test of time to inevitably morph into a "solid and strategic" relationship based on mutual trust and commitment.

On the long-term LNG supply agreement, PIC chief executive Nadia Al-Haji said that the endeavor was tantamount to a "historic accomplishment" that would further reinforce Kuwait's global presence, given that it is a joint initiative involving an international petrochemical "powerhouse," such as Wanhua, added the official.

She went on to liken the agreement to a "bridge" that links Kuwait and Beijing towards further development and prosperity, while simultaneously ensuring that bilateral relations remain firmly on an upward trajectory, as the official proceeded to give equal credit to the workforces of both companies for their diligence that helped translate an ambition into a reality on the ground.

On the intricacies of the new MoU signed between KPC and Wanhua, a statement released by the Kuwaiti state owned oil company said that it aims to strengthen cooperation and "discover" new opportunities for bilateral investment as part of efforts to bring common aspirations to fruition, it added.

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