Kuwait City: The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), has signed a Memorandum of Understanding (MoU) with China's Wanhua Chemical Group. The agreement aims to strengthen bilateral cooperation in the petrochemical sector.
According to Kuwait News Agency, the memorandum was signed at the Ahmad Al-Jaber Oil and Gas Exhibition by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Kou Guangwu, with the presence of Yantai government representative, Vice-mayor Yu Shengtao. This agreement represents a new phase in the partnership between the two companies, building on a strategic agreement from April where PIC acquired a 25 percent stake in several Wanhua petrochemical plants in Yantai, China.
The primary objective of the memorandum is to enhance collaboration between the two companies in various areas, including research and development, value chain development, and expanding market reach in high-growth regions. Al-Hajji stated that this partnership is in line with PIC's 2040 strategy focused on smart investments and sustainable growth, highlighting the commitment of both teams in transforming plans into actionable initiatives.
Kou Guangwu pointed out the mutual benefits of the partnership, emphasizing its role in fostering innovation and operational excellence to support economic growth in both countries. The Chinese delegation also toured the Ahmad Al-Jaber Exhibition to gain insights into Kuwait's oil industry history, including exploration, production, storage, transport, and downstream operations.