Kuwait’s PIC signs petrochemicals MoU with Wanhua Chemical

KUWAIT CITY, May 26, 2025 – Kuwait’s Petrochemical Industries Company (PIC) and China’s Wanhua Chemical Group have signed an MoU to enhance their co-operation in petrochemicals, the Kuwait News Agency reported on Sunday.

The agreement aims to foster collaboration in R&D and integrate value chains and expansion efforts in high-growth markets. It builds on a partnership formed in April 2024, which included PIC acquiring a 25% stake in production assets within Wanhua Chemical’s Yantai petrochemical complex, which represents Kuwait’s largest petrochemicals investment in China to date.

“The facilities involved in the agreement specialise in high-value petrochemical products, and the partnership will invigorate the sector and foster stronger industrial co-operation between Kuwait and China. The collaboration is designed to generate added value and mutual benefit,” said PIC CEO Nadia Al Haji to local media.

Shanghai-listed Wanhua Chemical manufactures polyurethanes, petrochemicals, performance chemicals and emerging materials from 10 production sites located across China. Wanhua Chemical and PIC have been industrial partners since 2013.

Image courtesy of PIC

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