Kuwait accepts Beijing's invitation to invest in its energy sector
ABU DHABI — Kuwait plans to help finance a major oil storage
terminal constructed by China National Aviation Fuel Holdings, which
dominates the Chinese jet fuel market.
Officials said the state-owned Kuwait
Petroleum International was examining a stake in the terminal as part of the
sheikdom's strategy to enter the Chinese market, Middle East Newsline reported.
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Beijing has offered its major energy suppliers the opportunity to invest
in China's crude oil and natural gas sectors.
Iran and Saudi Arabia have
also been discussing acquisition in oil storage facilities in China, where
fuel consumption was expected to grow by up to seven percent annually.
KPI has already signed a memorandum of understanding with CNAF to
cooperate on jet fuel trading. Officials said Kuwait, which plans to build a
major oil refinery, wants to sell jet fuel directly to customers in China.
