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Kuwait petrochemical JV in China to set back

October 05/2011

(Arabian oil and gas) -- A source close to Kuwait Petroleum Corporation (KPC) revealed that China has stipulated that KPC should pay USD 500m as guarantee to allow the lay down of the foundations related to the joint venture petrochemical complex in China, Kuwaiti local news paper al-Ray al-Aam reported.

This condition is insuperable, which will oblige the company to go ahead with the project even if the feasibility study proves its un-feasibility, the newspaper quoted the source as saying. Shall KPC pay the money, as an installment of cost of the project, without having a strategic partner after the exit of Shell Chemicals, and without receiving the final approvals? - the source said.

He also added that the initial studies conducted by Foster Wheeler related to a seperate refinery project in Vietnam cost only USD 45m without paying an installment.

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