Monday, September 28, 2009

BP, Kuwait to Build Refinery in China

Energy giant BP (BP) is collaborating with Kuwait to build a $9 billion refinery venture in southern China. The facility, in China's Guangdong province, would have a refining capacity of 300,000 barrels per day.

The facility would be 30 percent owned by KPI, Kuwait's state run oil company. Chinese refiner Sinopec (SHI) would have a 50 percent stake, while Dow Chemical (DOW) and Shell (RDS.A) (RDS.B) would each take a ten percent stake. Work on the refinery is expected to commence by March of 2010.

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