Total, Kuwait Petroleum JV petrochemical business in China

Total, Kuwait Petroleum JV for petrochemical business in China

4:29 AM, 15th March 2012
Total, Kuwait Petroleum JV for petrochemical business in China

PARIS, FRANCE: Total signed a Memorandum of Understanding (MOU) with Kuwait Petroleum International (KPI) and Petrochemicals Industries Company (PIC), two wholly owned subsidiaries of Kuwait Petroleum Corporation. The MOU relates to a targeted participation in the Zhanjiang project in China. This project consists of a planned development of 300,000 barrel per day, full-conversion refinery integrated with petrochemicals and marketing, in partnership with Sinopec.

The proposed refining and petrochemicals platform will be designed to process Kuwaiti crude as feedstock and to produce high-quality refined and petrochemicals products. “This agreement will be the keystone of a long-term relationship with KPC. The project is in line with our strategy of expanding in growth markets, based on a few highly competitive and integrated platforms,” said Christophe de Margerie, Chairman and CEO, Total.

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