Generation
Posted By OrePulse
Published: 28 Apr, 2025 12:37
Kuwait Petroleum's unit buys 25pc of Wanhua Chemical
Kuwait's Petrochemical Industries Company, a subsidiary of state-owned Kuwait Petroleum Corporation, said it has signed an agreement to acquire a 25 per cent stake in China's Wanhua Chemical Group.
It did not disclose the value of the transaction, which it said was the largest Kuwaiti investment in China's petrochemicals industry.
Under the deal, Petrochemical Industries Company will acquire several of the Chinese group's industrial units that specialise in manufacturing several petrochemicals, including propylene oxide and acrylic acid in the Chinese city of Yantai.
This would help diversify the Kuwaiti company's portfolio of high-value products.
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