Kuwait has signed an agreement with China to build an oil refinery and petrochemicals complex in Guangdong province in China. The project is expected to cost USD 8 billion to USD 9 billion. The planned facility would include a refinery that can process 15 million tonnes of Kuwaiti crude a year and a 1 million tonne per year ethylene complex. Mr Sheikh Ahmad Al-Abdullah Al-Sabah oil minister of Kuwait said that Royal Dutch Shell and Dow Chemical will each hold a 10% stake in the JV with China’s Sinopec Corp. Mr Sheikh Ahmad Al said that the plant, which would be completed in 2013 would raise the OPEC member’s oil exports to China to 500,000bpd.
