BEIJING, April 3 Sinopec signed a $350 million
drilling deal with Kuwait this week, and vowed to work more with
the country on new joint ventures and crude oil trading, the
company's official publication said on Friday.
The five-year drilling contract was signed by Sinopec Group
general manager Su Shulin during discussions with state-owned
Kuwait Petroleum Corporation (KPC) on March 31-April 1, China
Petrochemical News reported.
KPC aims to raise total crude exports to China to 500,000
barrels per day by 2015, but the economic downturn and collapse
in oil prices has put many of its plans in peril.
Exports to China in February dwindled to just a third of the
190,000 barrel per day record set last August.
A keystone of KPC's plans in China, a $9 billion joint
venture refining project with Sinopec (0386.HK)(600028.SS) in
Guangdong province, has also been subject to several delays,
putting its export targets in further doubt.
The construction of what would become the country's biggest
refinery in the provincial capital of Guangzhou is still awaiting
government approval amid environmental concerns in Guangdong and
neighboring Hong Kong.