Reuters reported that China's top economic planning body has granted final approval for the USD 9 billion refinery, petrochemical JV between Sinopec and Kuwait.

Two sources said that the venture to be built in the southern coastal city of Zhanjiang of Guangdong province includes 300,000 barrel per day refinery and 1 million tonne per year ethylene complex.

One industry official with direct knowledge of the government's decision said that the National Development & Reform Commission gave the approval last week.

(Sourced from Reuters)