China's environment ministry clears Sinopec, KPC JV

China’s Ministry of Environmental Protection has granted clearance and approved technical review for the US$8.7 billion refinery and petrochemical joint venture between Sinopec and Kuwait Petroleum Corp. (KPC), paving the way for final state approval soon. The 15 million metric-ton-per-year refinery and petrochemical complex received provisional approval from China’s top economic policy planner, the National Development and Reform Commission (NDRC) on May 18 after which environmental impact assessment and land use pre-approval reports were submitted to the Ministry of Environmental Protection and the Ministry of Land and Resources. The project now awaits final approval from the NDRC. The 50-50 joint venture has committed to spend around US$626 million, or 7.22% of the total investment, on environmental protection, according to the People’s Daily. (September 9, 2010)