Issue Date: March 14, 2011
Major Kuwait-China Venture Takes Shape
A $9 billion project to build a refinery and petrochemical complex will likely go ahead in Zhanjiang, in the southern Chinese province of Guangdong, now that China’s National Development & Reform Commission has blessed the venture, according to media reports posted on Chinese government websites. The project would be a 50-50 venture between Kuwait Petroleum and the publicly listed arm of Sinopec. In Hong Kong, Jia Yiqun, a spokesman for Sinopec, says few details of the project can be released because it will be formally announced in a few weeks. “This project is making progress,” says David S. Jiang, the president of Beijing-based Sinodata, a chemical market consulting firm that is advising Sinopec and Kuwait Petroleum on the venture. The investment will likely feature a refinery capable of processing 300,000 barrels of oil per day and a petrochemical complex centered on a 1 million-ton-per-year ethylene cracker. Dow Chemical, which had earlier been mentioned as a possible equity participant in the venture, will likely not be involved, Yiqun tells C&EN.
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