The Chinese capital Beijing hosted the signing ceremony of the agreement to launch the joint Kuwait - China oil refinery, which is worth US$9 billion. Its capacity will be 300,000 barrels per day. The agreement signed between the representative of Kuwait Petroleum Corporation and the Chinese "Sinopec".
The Kuwaiti Embassy in China said in a statement that the project is built in the city, Zianjiang in the province of Guangdong. The agreement was signed on behalf of the Kuwait Petroleum Corporation by Chairman and Managing Director, Hussein Ismail, and by Sinopec chairman Wang Tian Bo.
According to the statement, "This project holds great strategic importance to Kuwait and contributes to the marketing of Kuwaiti oil in one of the most important oil markets in the world."