AFP reported that Kuwait Petroleum Corporation has reached a deal with France's Total to be a partner in a Kuwait and China refinery JV.

Mr Mohammad al Baseeri oil minister of Kuwait said that the deal was struck after Shell withdrew from talks in the USD 9 billion refinery and petrochemical complex.

KPC's international arm, Kuwait Petroleum International and China's state owned Sinpec signed an agreement more than 2 years ago to build the complex in southern Guangdong province. KPI has been negotiating with international oil majors to sell 20% of its 50% stake or 10% of the total project.

Mr Baseeri said that the project is expected to come on stream in 2014 or 2015, a delay from the initial startup of 2013. The refinery is expected to process up to 300,000 barrels per day of mainly Kuwaiti crude oil when it comes online, with its capacity rising to 500,000 barrels per day 2 years later.

(Sourced from AFP)