From MarketWatch:
The Chinese government has approved the construction of a joint venture refinery by China Petrochemical Corp., or Sinopec Group, and Kuwait Petroleum Corp. in southern China, a source close to the issue said Tuesday.
The investment for the planned refinery is expected to total $8 billion, of which $5 billion may be from KPC, the source told Dow Jones Newswires.
The project is likely to be the largest joint venture petrochemical project by investment in China, superseding a $4.3-billion petrochemical complex in southern China by China National Offshore Oil Corp., or CNOOC, and Royal Dutch Shell PLC (RDSB.LN).
