OREANDA-NEWS. March 24, 2011. The Chinese capital of Beijing saw signing ceremonies of the implementation agreement of the Kuwaiti-Chinese oil complex between Kuwait Petroleum Corporation (KPC) represented by Kuwait Petroleum International (KPI) and China Petroleum and Chemical Corporation Limited (Sinopec).

Embassy of the State of Kuwait in China said -- in a statement to KUNA -- that this project will be constructed in the Chinese city of Zhanjiang in the province of Guangdong, and the agreement was signed by Chairperson and Managing Director of KPI Hussien Ismail on behalf of KPC, while it was signed by Sinopec President Wang Tianpu on behalf of the Chinese firm.

The signing ceremony was attended by Kuwait's ambassador to the People's Republic of China Mohammad Saleh Al-Thuwaikh who stressed the importance of such step in boosting cooperation in the domain of oil between Kuwait and China, making clear that such project will include a refinery for Kuwaiti crude oil, and a petrochemicals plant.

Al-Thuwaikh also said that the project is of strategic importance to the State of Kuwait, and helps market the Kuwaiti oil in one of the world largest oil consumer countries, in addition to offering an opportunity to Kuwait to get an access to the fast growing Chinese market.

He also said that approving and signing the agreement coincides with the 40th anniversary of establishing diplomatic ties between Kuwait and China, noting what has been achieved over four decades of bilateral relationships in various fields, and pointing out that this project is another milestone added to the cooperative ties binding the two countries.