Sino-Kuwait refinery to proceed in 2008

Kuwait Petroleum Company said that its joint refinery with China’s Sinopec in Nansha, Guangdong Province would hand in its feasibility study in June to the National Development and Reform Commission, and expect to get the green light this year. Mohammad Rashed Jasem, vice president in KPC International Company, said the two sides would respectively take a half stake in the joint venture. He also said KPC will daily supply 500,000–700,000 barrels of crude oil to the Nansha joint refinery and Sinochem’s planned refinery in Quanzhou by 2015. Nansha joint refinery, with a forecast investment of US$5 billion, is designed to process 300,000–350,000 barrels per day, which accounts for 10% of China’s total crude oil imports from Kuwait. (May 7, 2008).