Sinopec-Kuwait (Guangzhou) jointly invested item approved

Jun 20, 2007 02:00 AM

With an investment of $ 5 bn, it will become the largest Chinese-foreign equity joint ventures project within China after completed.
The joint ventures of oil refining project in Guangdong between Kuwait Petroleum Corp (KPC) and China Petroleum & Chemical Corporation (Sinopec) were finally reached. Sinopec Guangzhou Petrochemical Plant reported that NDRC has issued the affirmation of the previous work of Guangdong oil refining project developed jointly by Guangdong province, Sinopec and KPC.

The oil refining project, which locates in Nansha district, Guangzhou and have an annual output of 12 mm tons invested jointly by Sinopec and KPC, will become the largest joint venture item within China after completion.
The approved oil refining project will be operated under the name of Nansha Branch of Guangzhou Petrochemical, rather than establishing a new oil refinery.

In this situation, it is still probable that BP and Shell will become the third main shareholder of the project. An inside man disclosed that BP is making surveys and studies currently in Nansha district of Guangzhou.
A strategy cooperative partnership is developed between BP and KPC either, to open up China oil market together on promise.

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