03 December 2007 10:12 [Source: ICIS news]
DUBAI (ICIS news)--Kuwait Petroleum Corp (KPC), the state-owned oil major said late on Thursday it planned to complete a feasibility study on the $5bn (€3.4bn) dollar joint venture with China and submit it to Beijing for approval in the second half of 2008.
“Overall, we are satisfied with the progress of the refinery and petrochemicals complex project, which covers every aspect involving substantial resources and strategic interests from all partners,” Saad Al-Shuwaib, KPC’s CEO, said.
Al-Shuwaib, however, said the project could be delayed as such investments require approval from the National Development and Reform Commission (NDRC), China's top economic planning agency, which draws up the country's development and major projects over a five-year cycle.
Kuwait Petroleum International (KPI), the international refining and market arm of the KPC, has formed the joint venture with ?xml:namespace>
The proposed 13m tonne/year refinery will be designed to process 100% Kuwaiti crude supplied by the KPC while the cracker is slated to have an annual production capacity of 1m tonnes of ethylene.
The project is set to surpass a $4bn refining and petrochemical investment in the neighboring
"Of course, there is always a better way of carrying out work and, as [a] policy, we will strive jointly with our partners to shorten the overall time for completion of the project, while safeguarding the highest quality standards in all aspects," Al-Shuwaib said.
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