Kuwait is considering investing in new petrochemical projects in China as part of a drive to expand its overseas hydrocarbon assets and diversify sources of income, a Kuwaiti newspaper has reported.

The Kuwait Petroleum Corporation (KPC), which manages the OPEC member’s hydrocarbon sector, has presented proposals for such projects to China, the Arabic language daily Alseyassah said, citing KPC sources. 

“The offer submitted by KPC for a large petrochemical project in China has been accepted by the Chinese authorities…it has also been approved by KPC board of directors,” the paper said.

It did not provide details of that project but said KPC is also considering similar investment opportunities in Brazil and Latin America.

(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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