Kuwait’s PIC takes 25% stake in Wanhua Chemical

YANTAI, April 28, 2025 – Petrochemical Industries Company (PIC), a downstream subsidiary of Kuwait Petroleum Corporation (KPC), has agreed to buy a 25% stake in select assets of the Wanhua Chemical Group in the Yantai petrochemical complex for USD 638 million, the companies announced on Saturday.

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

Under the terms of the agreement, which represents Kuwait’s largest petrochemicals investment in China, PIC will acquire several industrial units in Yantai dedicated to the production of speciality chemicals, including propylene oxide and acrylic acid. The two companies are aiming to combine their industrial capabilities and access to resources to broaden production and target a wider range of markets.

“Today marks another step in our strategy to transform our hydrocarbon supply relationships into long-term partnerships. In that vein, PIC’s partnership with Wanhua in the Yantai petrochemical complex represents a shared vision for industrial growth, value creation and long-term collaboration,” said Sheikh Nawaf Al Sabah, CEO of KPC.

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