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ShareYANTAI: Petrochemical Industries Company (PIC), a subsidiary of Kuwait petroleum Corporation (KPC) and Wanhua Chemical Group Co., Ltd. have signed an Equity Subscription Agreement ESA in which PIC will subscribe to a 25% equity stake in selected petrochemical assets of Wanhua Chemical in Yantai, China. This strategic partnership marks a new chapter in the long-standing collaboration between the two organizations and reflects their shared commitment to advancing the global petrochemical sector.
The agreement was signed by Nadia Al Hajji, Chief Executive Officer of PIC, and Kou Guangwu, President of Wanhua Chemical, during an official ceremony held in Yantai. The signing was witnessed by Shaikh Nawaf Al-Sabah, Deputy Chairman and Chief Executive Officer KPC, and Liao Zengtai, Chairman of Wanhua Chemical. The ceremony took place in the presence of high-ranking officials and dignitaries, including Shaikh Khaled Al Sabah KPC Managing Director of International Marketing, Mr. Faisal Al-Moued, Counselor Embassy of the State of Kuwait in Beijing Waleed Al Mukhaizim, KPC Deputy Managing Director of International Marketing, Feras Al Awwad, PIC Deputy CEO of Projects and Business Development,as well as senior executives from both companies and a high-level delegation from Kuwait.
In his remarks, Shaikh Nawaf Al Sabah emphasized that, the signing of this landmark agreement between PIC and Wanhua Chemical marks Kuwait’s largest petrochemical investment in China and a significant milestone in the enduring relationship between the two nations. Built on a legacy of trade and cooperation, the partnership reflects our commitment to transforming traditional supply arrangements into strategic, value-driven collaborations. “Today marks another step in our strategy to transform our hydrocarbon supply relationships into long-term partnerships. In that vein, PIC’s partnership with Wanhua in the Yantai petrochemical complex represents a shared vision for industrial growth, value creation, and long-term collaboration.”
Liao Zengtai, Chairman of Wanhua Chemical, reflected on the historical ties between the two companies, noting that cooperation dates back to 2013.
“Over the years, we have built strong relationships based on shared values and complementary capabilities. This new venture brings fresh momentum to our shared vision and supports the broader development of the petrochemical industry in Yantai and beyond,”.
Nadia Al Hajji, Chief Executive Officer of PIC, highlighted the project’s strategic importance in creating value through petrochemical assets while fostering mutual growth and innovation. Emphasizing that this collaboration with Wanhua Chemical reflects a shared vision, mutual trust, and aligned ambitions to drive innovation, foster growth, and create long-term value. Al Hajji extended her sincere appreciation affirming that this partnership marks a cornerstone in PIC’s continued growth in Asia and beyond. “I want to express my heartfelt gratitude to everyone who has contributed to making this partnership a reality. From the teams who worked tirelessly behind the scenes to the leaders who championed this vision - your dedication has made this proud moment possible.”
KOU Guangwu, President] of Wanhua Chemical emphasized the Company’s commitment to intelligent manufacturing and green technologies, emphasizing the continued collaboration with PIC to leverage their respective strengths across the petrochemical value chain. “This agreement marks a key milestone between Wanhua Chemical and PIC and a new phase in Wanhua’s collaboration with petroleum entities in Kuwait. It is a continuation of aiming to fully leverage their respective geographical strengths, achieve resource sharing, mutual benefits and win-win, and rejuvenate the industry.”
Shaikh Khaled Al Sabah, KPC Managing Director International Marketing, highlighted the long-standing relationship between Kuwait Petroleum Corporation and Wanhua started years ago with supply agreements that laid the foundation of trust, liability and mutual respect between both organizations.” I would like to take this opportunity to wish both PIC and Wanhua all the best as they embark on this journey together”.
As part of the signing ceremony, representatives from Citigroup Global Markets Limited served as the exclusive financial advisor to PIC, while Ashurst LLP acted as PIC’s legal counsel.
Prior to the signing ceremony, Representatives from, KPC, PIC, Kuwait Embassy and Wanhua Chemical visited Wanhua’s Yantai Industrial Park to discuss further cooperation on intelligent manufacturing systems, green technologies, and integrated operations.
