Kuwait and China to further energy relations
BEIJING, June 11, 2014 – Kuwait and China signed 10 agreements and memoranda of understanding in diverse areas such as energy, investment and economy during Prime Minister Sheikh Jaber Al Mubarak Al Hamad Al Sabah’s official visit to the Chinese capital last week. Kuwait has exported an average of 170,000 barrels of oil per day to China since January 2014.
The Kuwait Petroleum Corporation is still negotiating a partnership with China’s Sinopec and the US’ Dow Chemical Company for a 300,000-barrels-per-day refinery and an ethylene steam cracker with a capacity of 1 million tonnes per year in Guangdong Province.
During the official visit, Chinese Premier Li Keqiang expressed his hopes to see Kuwait opening up its upstream oil and gas industry to Chinese companies. Among the agreements inked, minister of commerce and Iindustry Abdulmohsen Al Madaj signed an oil co-operation deal with National Energy Administration chairman Wu Xinxiong. Lastly, Kuwait Petroleum Corporation CEO Nizar Al Adsani signed a memorandum of understanding with Sinopec Chairman Fu Chengyu on the strengthening of ties regarding oil trading, storage and petrochemicals.