Sinopec reopen negotiation about the 5 billion USD joint-venture refineries

The CEO of PetroChina, Mr.Wang Tianpu said in Beijing last Friday that the negotiation with overseas partner about refinery and petro chemical plant is "going smoothly".

The plant construction plan had faltered due to many reasons including, said by an insider head, an exceptionally difficult negotiation with Kuwait. Chinese party has remained cautious in using Kuwait as the sole supplier of crude oil for this plant. The completion of the transaction will bring a windfall to Kuwait, making its Petro sales to China as 10% of Chinese import.

This project is among the largest joint venture projects with the same size of the refinery in Fujian Province, which has overseas partner as Exxon Mobil and Saudi Aramco.