Kuwait says Shell, Dow to hold 20 pct in China JV
Royal Dutch Shell and Dow Chemical will each hold a 10 percent stake in Kuwait's joint venture with China's Sinopec Corp, Kuwait's oil minister said on Monday.
Sheikh Ahmad al-Abdullah al-Sabah told the official Kuwait News Agency the plant, which would be completed in 2013, would raise the OPEC member's oil exports to China to 500,000 barrels per day.
Sheikh Ahmad said Kuwait's stake in the plant would be 30 percent while it's Chinese partner will own half of the plant which will process 300,000 bpd of Kuwait's crude oil.
May 11, 2009 (Bloomberg)
Sinopec, Kuwait to Build $9 Billion Refining Venture
China Petroleum & Chemical Corp. and Kuwait’s national oil company will build a $9 billion refining complex in southern Guangdong province that may be the biggest foreign venture in the industry.
By comparison, the Kuwaiti venture in Guangdong will have a refining capacity of 300,000 barrels a day, Kuwait News Agency reported April 28, citing the country’s oil minister. No other details were available.
The project’s location may be moved to Zhanjiang from an earlier plan of Guangzhou, Zhang told reporters yesterday, adding talks between the companies are still continuing. The plant will include an oil refinery and an ethylene plant and the complex should be built away from “big cities,” he said.