KPC chief expects China refinery approval this year

The chief executive of Kuwait Petroleum Corp (KPC) said that the company expected approval for a US$9 billion refinery project in China by the end of the year, Reuters reported. Saad Al-Shuwaib made the comments to Kuwait state news agency KUNA. Following final approval – the project was initially approved in 2006, but has been faced with a series of delays – the refinery is expected to come online as soon as 2013, producing 300,000 barrels per day from crude oil supplied by Kuwait. The refinery is a joint venture between KPC and Sinopec, with each company holding a 50% stake.