Kuwait To Invest In $5 Bn Integrated Refining/Petrochemical JV In China.Kuwait Petroleum Corp. (KPC "Keeping parents clueless." See digispeak. ) and PetroChina have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MoU) on jointly having an integrated refinery and petrochemical complex built in China's Guangdong province. The project is between PetroChina and KPC's units Petrochemical Industries Co. (PIC) and Kuwait Petroleum International Kuwait Petroleum International, often referred to by its trademark Q8, refines and markets fuel, lubricants and other petroleum derivatives in Europe. It supplies 4,000 retail service stations, as well as direct sales operations delivering fuel and heating oil to domestic and (KPI). The total investment could amount to $5 bn. Kuwaiti Energy Minister Shaikh Ahmad al-Fahd al-Sabah was on Dec. 9 quoted as saying a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. had been started, and the refinery would have a capacity of up to 400,000 b/d. The project could come on stream in 2010. The integrated project is part of Kuwait's plans to seek more markets and increase its crude oil production capacity to 4.5m b/d. PetroChina will pay its state-owned parent China National Petroleum Corp. (CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) } about 559m yuan ($69m) for a 35.73% stake in PetroChina Fuel Oil (PCFO PCFO Principal Combined Fund Organization ). Its interest in PCFO will increase to 95.52% from 59.79%. Kuwaiti Overseas Divestment: The London-based Kuwait Investment Office (KIO) on Dec. 9 sold a 0.89% stake in BP - the latest in a series of international divestments by Kuwaiti agencies. The KIO, an offshoot of the Kuwait Investment Authority The Kuwait Investment Authority (KIA) is Kuwait's government investment arm, specializing in local and foreign investment. It was founded to manage the funds of the Kuwaiti Government in light of financial surplusses after the discovery of oil. (KIA), the government's investment arm, will continue to hold about 2.56% of BP's issued share capital. But the Dec. 9 sale came after KPC last year reduced its 13.5% stake in Aventis following the takeover by Franco-German group Sanofi-Synthelabo. The Financial Times on Dec. 10 quoted Nick Hanbury-Williams, who advised the KIO, as saying: "KPC decided it was not prudent to have so much money invested in a single, legacy investment and instead wanted to liquidate its holdings at an appropriate time and deploy the proceeds into general corporate purposes". Just one month earlier, KPC sold its 29% stake in Celanese, the German chemicals group, to US private equity firm Blackstone for about 3.1 bn ($3.7 bn, [pounds sterling]2.1 bn). In addition, the KIO, responsible for managing portions of KIA's assets in the UK and mainland Europe, chose to sell Autobar for $1.02 bn to the UK private equity group Charterhouse Capital. |
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