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Kuwait and China refinery cost escalates
August 18, 2008: A planned refinery JV between Kuwait Petroleum Corp and Sinopec Corp in southern China is expected to cost up to $4 billion above initial estimates.
The Kuwait Chinese refinery and petrochemical project is expected to cost between USD 8 billion to USD 9 billion. The refinery will be designed to process 100 per cent Kuwaiti crude supplied by KPC, with a capacity of 15 mln tpa or 300,000 barrels per day.
KPC by 2015, expects to supply between 500,000 and 700,000 barrels per day of crude to the Nansha plant and a second one in Quanzhou owned by a smaller firm, Sinochem.
Source: Steelguru.com