CRISISBOOM

wsj.com

BEIJING—China has given final approval to Kuwait to build an oil refinery in the south of the country in a joint venture with China Petroleum & Chemical Corp., a person with firsthand knowledge of the decision said Tuesday.

China, dependent on oil imports, has been making deals with major producers to process more crude domestically.

The $9 billion project between Kuwait Petroleum Corp. and Asia’s largest refiner by capacity, also known as Sinopec, has been under negotiation for more than five years. It includes a refinery with a capacity of 300,000 barrels a day in the city of Zhanjiang in Guangdong province and an ethylene plant with a capacity of a million tons a year, along with related utilities, jetties and oil pipelines, according to previous comments from government and company officials involved in the Read more…