Kuwait to invest in China's oil industry
"We think we can support two major projects in China"
BEIJING -- Kuwait is planning a major investment in China's oil industry, its energy minister said Thursday, on top of a deal already being negotiated to build a $5 billion refinery and petrochemical plant in southern China.
"We think we can support two major projects in China," the minister, Sheik Ahmad Fahad al-Ahmad al-Sabah, said on a visit here. Kuwait is evaluating a range of proposals from possible Chinese partners.
Ahmad, who is president of the Organization of the Petroleum Exporting Countries, held OPEC's first talks with Chinese leaders on Thursday.
Some industry analysts say they think major OPEC producers, including Kuwait, will seek to use investment in China's refineries to secure market share. China is the world's second-biggest oil importer after the United States.
Of the 6.7 million barrels of oil a day that China consumed in 2004, almost half came from imports, according to industry statistics.
"We think we can support two major projects in China," the minister, Sheik Ahmad Fahad al-Ahmad al-Sabah, said on a visit here. Kuwait is evaluating a range of proposals from possible Chinese partners.
Ahmad, who is president of the Organization of the Petroleum Exporting Countries, held OPEC's first talks with Chinese leaders on Thursday.
Some industry analysts say they think major OPEC producers, including Kuwait, will seek to use investment in China's refineries to secure market share. China is the world's second-biggest oil importer after the United States.
Of the 6.7 million barrels of oil a day that China consumed in 2004, almost half came from imports, according to industry statistics.
