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Kuwait and China held a groundbreaking ceremony for a US$9 billion refinery and petrochemical complex

November 25/2011

(Arabian and oil gas) -- Kuwait and China held a groundbreaking ceremony for a US$9 billion refinery and petrochemical complex in the southern Chinese city of Zhanjiang, with completion scheduled for late 2014, Kuwait News agency reported. "The project is a major pillar that helps spur investments, trade, and the oil industry between the two countries," KUNA quoted Kuwaiti Consul General in Guangzhou Abdulwahab Al-Sager as saying.

"At the ceremony, leaders across the province have expressed happiness in realizing their dream to start this important project, which is vital in the field of energy, and have also shown their interest in future cooperation with Kuwait in other mutually-beneficial projects," the diplomat added.

Under the 50-50 joint venture between state-run Kuwait Petroleum Corporation (KPC) and China's top refiner Sinopec, a 300,000 barrel-per-day refinery, a 1 milliont/y ethylene plant, and related utilities will be built in a petrochemical industrial park on Donghai Island of Zhanjiang in Guangdong Province. Kuwait has pledged to supply all the crude feedstock for the world-class integrated complex.

Perspectives of development of the polymers markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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