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Kuwait revives talks with BP to partner in US$9 bln JV planned with Sinopec Corp.

October 01/2009
October, 1 (plastemart.com) -- Kuwait has restored discussions with BP as a potential partner in a US$9 bln joint venture refinery being planned with China"s Sinopec Corp. After initial approval in 2006, Kuwait looks forward to final approval from China. The project has been delayed by over 3 years and expects to receive necessary approvals to commence work in Q1-2010, after which it would finalise the partners. The project is due for completion in 2013, some 3 years behind the initial target.

BP was linked with the project in 2007, but lost interest when Kuwait shortlisted Royal Dutch Shell and Dow Chemical Co as potential partners for refining and petrochemicals respectively. BP has revived interest in this project and location as it conducts surveys and evaluation of the Zhanjiang site. The project was to be located in Zhanjiang city in the southern province of Guangdong before Beijing ordered the plant to be relocated due to environmental concerns.



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