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Sinopec, Kuwait Joint Petrochemical Project Approved

China has approved Sinopec Corp's US$5 billion joint venture oil refinery and petrochemical project with Kuwait Petroleum Corp

China has approved Sinopec's $5 billion joint venture oil refinery and petrochemical project with Kuwait Petroleum Corp in the southern Guangdong Province, a company newsletter said yesterday.

The project of one million tons annual capacity will produce ethylene is a basic petrochemical building block.

The statement didn't specify the size of the refinery. Sinopec officials said earlier the plant would process 12 million tons of crude oil from Kuwait per year and expected it to come on stream in 2010.

China's top industry planner, the National Development and Reform Commission, has approved the project, it added.