June 22, 2009

China Secures Kuwait Oil with Giant Refinery Deal

A big Sino-Kuwait refinery project, estimated at $9 billion (US dollars) with capacity to process 300,000 barrels of Kuwaiti crude per day is close to breaking ground. Environmental concerns moved the location from the Guangzhou urban agglomeration to a coastal site most likely Zhanjiang, Guangdong, which already has oil terminal facilties. Kuwait aims to export 500,000 barrels per day to China by 2015 much of it for the use of the refinery. Involved in the deal are Kuwait Petroleum Corp., Sinopec, and others....

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