ABU DHABI — Kuwait intends to provide a major increase in the supply of crude oil exports to China.
Kuwait has concluded a joint venture with China that would quadruple oil
exports to Beijing. Under the deal, the Gulf Arab sheikdom would increase
oil exports to China from the current 118,000 to 500,000 barrels of oil per
day by 2013.
In May 2009, Beijing and Kuwait signed an accord for the construction of
a refinery and a petrochemicals facility in China's Guangdong province.
Royal
Dutch Shell and Dow Chemical would be allocated a 10 percent stake each in
the joint venture.
Under the deal, Kuwait would own 30 percent of the $9 billion refinery,
with a capacity of 300,000 barrels per day. The Gulf Cooperation Council state
has been the eighth largest crude oil supplier to China.
