The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed on Sunday a memorandum of understanding (MoU) with China’s Wanhua Chemical Group to enhance cooperation in the petrochemical sector.
The agreement was signed by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Qu Guangguo at the Ahmad Al-Jaber Oil and Gas Exhibition.
The signing ceremony was attended by Yu Xingtao, a representative of the Chinese government in Yintai, PIC said in a statement published by Kuwait’s state-owned news agency, KUNA.
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 also builds upon a broader strategic agreement signed between the two companies in April, which included Wanhua Chemical’s acquisition of a 25% 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, saying 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.
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.
In April, PIC said it has signed an agreement to acquire a 25% stake in China’s Wanhua Chemical Group.
The agreement includes specialized industrial units to produce Propylene Oxide (PO), Tertiary Butyl Alcohol (TBA), Acrylic Acid (AA), Butyl Acrylate (BA) and several other products, contributing to the diversification of the company’s high-value product portfolio.
