Total Signs Deal to Partner with Kuwait and Sinopec in Petchems Project

Total today signed a "comprehensive" memorandum of understanding with Kuwait Petroleum International (KPI) and Petrochemical Industries Co. (PIC; Kuwait City) covering Total's participation in a previously announced $9-billion integrated refinery and petrochemicals project at Zhanjiang, China. Sinopec is also a joint venture partner in the project. KPI, PIC, and Total have agreed to form a consortium that will potentially hold interests in two jv's together with Sinopec. The consortium is expected to hold stakes of about 50% in the jv's with Sinopec...

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