Kuwait Petroleum to sign MoU for construction of Zhanjiang refinery

Kuwait Petroleum Corp. (KPC) and the French firm Total SA are negotiating a US$9 billion joint oil refinery project in China. KPC CEO Farouk Al-Zanki said that a Memorandum of Understanding will be signed in mid-February this year. KPC is planning to sell 20% of the company’s 50% stake in the joint venture deal it signed with China Petrochemical Corp. (Sinopec), for the construction of an oil refinery in Zhanjiang City in Guangdong Province. The company said it wants to lower financial risks associated with the joint venture with Sinopec. (January 25, 2012)