14 September 2010 09:23 [Source: ICIS news]
SINGAPORE (ICIS)--China's Ministry of Environmental Protection (MEP) has given an environmental approval to Sinopec's and Kuwait Petroleum Corp (KPC)'s joint venture refinery-petrochemical project on 12 September, an official at the ministry said on Tuesday.
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“The companies were waiting for approval from MEP since end 2009 and now they have got it,” a source close to Sinopec said in Mandarin.
The MEP had issued a public notification regarding the project between 7 and 11 September to ensure that there was no public opposition to the project, the MEP official said.
Sinopec would hold a 50% controlling stake in the project while the remaining 50% would be owned by KPC and an overseas third party, the MEP official said but gave no further details.
KPC would provide all the crude oil required for the refinery, the official added.
($1 = Y6.80)
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