Middle East Economic Survey

VOL. LIV

No 49

5-Dec-2011

KUWAIT

Kuwait Holds Back From China Refinery

State-owned Kuwait Petroleum Corporation (KPC) has yet to commit to a planned $9bn, 300,000 b/d refinery and 1mn ton/year ethylene plant in China, even though its potential partner Chinese refiner Sinopec held a ground breaking ceremony on 18 November in Zhanjiang, Guangdong. Under the preliminary agreement KPC and Sinopec will each own 50% of the joint venture shares, and KPC will then sell a...