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Total enters into new Chinese refining project

14th March 2012

Energy giants sign Memorandum of Understanding (MOU) on oil refining

Oil refinery
New refinery pact emerges

A refining and petrochemicals platform will be designed to process Kuwaiti crude as feedstock and to produce high-quality refined and petrochemicals products, as part of a new MOU signed in March by France’s Total and Kuwair International (KPI) and Petrochemicals Industries Company (PIC).

The MOU relates to a targeted participation in the Zhanjiang project in China. This project consists of a planned development of a large size – 300,000 barrel per day, full-conversion refinery integrated with petrochemicals and marketing, in partnership with Sinopec.

“Total, with its long experience in the downstream business in China coupled with know how in refining and petrochemicals operations, will add value to the China project. Moreover Total and [Kuwait Petroleum Corporation] KPC strategic objectives in Guangdong are highly aligned,” said Farouk Al Zanki, KPC Chief Executive Officer.

KPI is the international refining and marketing arm of Kuwait Petroleum Corporation while PIC is the petrochemical wing.

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