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PetroVietnam and Kuwait Petroleum Corp. eye strategic partnership

By Toan Dao   April 16, 2016 | 05:28 pm GMT+7
PetroVietnam and Kuwait Petroleum Corp. eye strategic partnership

State-owned PetroVietnam and Kuwait Petroleum Corp. have agreed their cooperation could be lifted to strategic partnership.

There are several projects the two national oil companies can jointly work on, PetroVietnam said Saturday following a recent visit to Kuwait by its chairman.

Areas for bilateral collaboration discussed in the meetings between them included: expansion of Nghi Son oil complex, construction of a tank for storage of Kuwait crude oil in Vietnam, setting up of strategic oil storage system in Vietnam and construction of supporting plants for refining and petrochemical industry in Vietnam. The two companies also spoke about the possibility of KPC buying PetroVietnam Oil’s shares. In addition, PetroVietnam wanted to provide petroleum services to the Arabian Gulf through Kuwait.

KPC’s international arm, Kuwait Petroleum International, has 35.1 percent stake in Vietnam’s Nghi Son refining and petrochemical project in the central province of Thanh Hoa. Other investors include PetroVietnam (25.1%), Japan's Idemitsu Kosan (35.1%) and Mitsui Chemicals (4.7%). The complex is designed to process 10 million tons of crude oil per year and is targeted for opening in 2017.