Kuwait Petroleum International (KPI) has formed a oint venture with China's biggest oil refiner Sinopec Corp. at an initial investment of US$5 bln in the Nansha, Guangzhou. The investment outlay is estimated, at this stage, to spike to US$9 bln. The two countries signed MoU in 2005 to construct the integrated complex as a joint project. The refinery will be designed to process 100% Kuwaiti crude supplied by KPC, with a capacity of 15 million tpa (300,000 bpd), and a one mln ton ethylene cracker.
