China has approved a US$5 billion domestic oil refinery joint venture with Kuwait, state media said yesterday.The project, between China's Sinopec and Kuwait Petroleum Corp, will be the biggest Sino-foreign joint venture in the petrochemical industry, according to the Shanghai Securities News.
The giant operation will be located near the city of Nansha in south China's Guangdong Province.
The facility, which should be completed by 2010, will include an oil refinery with a 15-million-tonne annual capacity and a plant capable of producing one million tonnes of ethylene a year, the Shanghai Securities News said.
