Kuwait Petroleum (KPC) is planning to sell around 20% of its stake in a $9bn joint project with Sinopec in China to an international oil company.
The KPC-Sinopec joint venture (JV) plant to be built in the southern city of Zhanjiang, Guangdong province, includes a 300,000 barrels a day (bpd) refinery and a one million ton-per-year ethylene complex, tradearabia.com reported.
The refinery complex in Guangdong province is expected to start operations around 2013/14.
KPC is seeking a higher share of retail rights and private ownership, especially in gasoline stations, to ensure satisfactory economic return from the project.
