KPC to sell 20pc of stake in China project

KUWAIT CITY: Kuwait Petroleum Corp is looking to sell about 20 percent of its stake in a $9-billion joint project with Sinopec in China to an international oil company, KPC's chief executive said.

A third investor in the project, an international oil company, will be chosen very soon, Farouk al-Zanki, who is currently on a visit to China, was quoted by Kuwait state news agency KUNA as saying on Sunday.

The plant to be built in the southern city of Zhanjiang in Guangdong province includes a 300,000 barrels per day (bpd) refinery and a 1 million tonne-per-year ethylene complex.