ShareKUWAIT: The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed a memorandum of understanding (MoU) on Sunday with China’s Wanhua Chemical Group to enhance cooperation in the petrochemical sector. The agreement was signed at the Ahmad Al-Jaber Oil and Gas Exhibition by PIC CEO Nadia Al-Hajji, while Wanhua Chemical was represented by company President Qu Guangguo. The signing ceremony was attended by Yu Xingtao, a representative of the Chinese government in Yintai, the company said in a press statement.
The MoU aims to open new avenues for collaboration in key areas such as research and development, integrated value chains, and market expansion into high-growth regions. It builds upon a broader strategic agreement signed between the two companies in April last year, which included Wanhua Chemical’s acquisition of a 25 percent stake in a cluster of petrochemical plants in Yintai, China.
Al-Hajji noted that the facilities involved in the agreement specialize in producing high-value petrochemical products, adding that the partnership will invigorate the sector and foster stronger industrial cooperation between the two nations. She emphasized that the collaboration is designed to generate added value and mutual benefit. As part of their visit, the Chinese delegation toured the Ahmad Al-Jaber Oil and Gas Exhibition, where they were briefed on Kuwait’s oil journey — from exploration to production — and the extensive operations of KPC and its subsidiaries in maximizing the nation’s hydrocarbon resources.
Al-Hajji said the newly signed MoU marks the beginning of a deeper partnership aligned with PIC’s 2040 strategic vision, which emphasizes smart investments and planned expansion. She commended the efforts of the joint working teams from both sides, who, through months of dedication and professionalism, successfully translated strategic plans into actionable milestones. For his part, Qu Guangguo affirmed that the visit underscores the growing relationship with PIC, highlighting the MoU’s role in promoting innovation, operational excellence and economic growth in both countries. — KUNA
