Kuwait-China refinery start building in Q1 '12

<p style="font-style:italic">State-run Kuwait Petroleum Corp (KPC) and China's Sinopec will start the construction of their $9 billion joint venture oil refinery and petrochemical plant in China in the first quarter of next year, Kuwait's news agency reported on Sunday.</p><p>KUNA was citing Ruan Risheng, the mayor of southern city of Zhanjiang, where the refinery will be built, following China's approval of the join venture in March.<br></p><p>Last month, Kuwait said it was in talks with BP and other major energy companies over a possible role in the refinery project.</p><p>The country, the world's fourth largest crude exporter, aims to more than double its crude exports to China to reach 500,000 barrels per day (bpd).</p><p>The project will secure Kuwait a solid outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.</p>