China and Kuwait to build $9 bln refinery in Guangdong
Shanghai. October 27. INTERFAX-CHINA - The Guangdong Provincial government, Kuwait Petroleum Corp. (KPC) and China Petrochemical Corp. (Sinopec Group) have signed a memorandum of understanding (MOU) to jointly develop a RMB 60 billion ($8.78 billion) refinery in the province, state media reported on Oct. 27.
The refinery, which will be built on Donghai Island in Zhanjiang City, is designed to process 15 million tons of crude oil annually and produce 1 million tons of ethylene a year, according to Nanfang Daily. The refinery will primarily process crude oil from Kuwait.
It was proposed that the refinery be built in Guangzhou City, but the location was later changed because of environmental concerns.
Sinopec Group announced in August that the project's investment amount would be raised from $5 billion to $9 billion..
-TW