Kuwait, Chinese oil company planning JV refinery in China
BEIJING — Kuwait and a Chinese state-owned oil company plan to build a refinery in southern China, the Kuwaiti oil minister said yesterday.
"The refinery, to be built with PetroChina Co. Ltd., would require ¢an investment of a couple billion dollars," Shaikh Ahmad Fahad Al Ahmad Al Sabah told reporters.
Kuwait and the government of the southern Chinese province of Guangdong have signed an agreement to set up a refinery to process crude imported from Kuwait crude, Al Sabah said.
The minister didn't give any other details.
But the Chinese newspaper Guangzhou Daily said the refinery would have a daily processing capacity of 300,000 barrels.
China is expanding its government-dominated petroleum industry to meet the needs of its booming economy.
In July, another Chinese oil company began a $3.5 billion project to expand a refinery in southern China in partnership with Saudi Arabia's Aramco and Exxon Mobil Corp.
Al Sabah was scheduled to meet with PetroChina president Chen Geng, according to Lin Aiguo, president of PetroChinaís Refining & Marketing Branch Co.
Kuwait, which has the world's fourth-largest oil reserves, wants to expand its presence in China. State-run Kuwait Petroleum Corp. established a representative office in Beijing in March.
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