Issue Date: August 25, 2008
Sino-Kuwaiti Plant Costs Are Running Up
Kuwait Petroleum estimates that its proposed refining and chemicals joint venture with Chinese state oil and chemical company Sinopec will cost up to $9 billion. The company had previously said the project would cost about $5 billion. The Kuwait Petroleum project would include a 300,000-barrel-per-day refinery and a 1 million-metric-ton ethylene cracker. Kuwait Petroleum had previously been planning a 260,000-bbl-per-day refinery. Dow Chemical, which is forming a global petrochemicals joint venture with Kuwait Petroleum, has been mulling over participation in the venture.
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