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Paris,
March 13, 2012
− Total today signed a comprehensive Memorandum of Understanding (MOU)
with Kuwait Petroleum International (KPI)1 and Petrochemicals
Industries Company (PIC)2, two wholly owned subsidiaries of Kuwait
Petroleum Corporation. The MOU relates to a targeted participation in the
Zhanjiang project in China. This project consists of a planned development of a
large size (300,000 barrel per day), full-conversion refinery integrated with
petrochemicals and marketing, in partnership with Sinopec.
The
proposed refining and petrochemicals platform will be designed to process
Kuwaiti crude as feedstock and to produce high-quality refined and
petrochemicals products.
“KPC
is pleased to expand its cooperation with Total”
declares Mr Farouk Al Zanki, KPC Chief Executive Officer, after the signing of
the MOU. “Total,
with its long experience in the Downstream business in China coupled with know
how in Refining and Petrochemicals operations, will add value to the China
project. Moreover Total and KPC’s strategic objectives in Guangdong are highly
aligned”, he adds.
“Total
is pleased to have been selected by Kuwait Petroleum Corporation as its
preferred partner to participate in the project of a top-performing refining and
petrochemicals platform with Sinopec in China. This agreement will be the
keystone of a long-term relationship with KPC”,
declares Mr Christophe de Margerie, Total Chairman and Chief Executive Officer. “The
project is in line with our strategy of expanding in growth markets, based on a
few highly competitive and integrated platforms”, he adds.
Agreements
of the Parties
KPI, PIC and Total have agreed to form a consortium, which will
potentially hold interests in two joint-ventures together with Sinopec. The MOU
sets forth the agreement among KPI, PIC and Total regarding the development of
the project.
About
KPC
Kuwait Petroleum Corporation is the state-owned entity responsible
for Kuwait's hydrocarbon interests throughout the world. As part of the global
energy industry, KPC helps to supply the world with its vital oil and gas needs
by exploring for, producing, refining, transporting and marketing these precious
natural resources both in Kuwait and internationally. www.kpc.com.kw
About
Total
Total is one of the
largest integrated oil and gas companies in the world, with activities in more
than 130 countries. The Group is also a first rank player in chemicals. Its
96,000 employees put their expertise to work in every part of the industry –
exploration and production of oil and natural gas, refining and marketing, new
energies, trading, and chemicals. Total is working to help satisfy the global
demand for energy, both today and tomorrow. www.total.com
http://www.total.com/en/press/press-releases/consultation-200524.html&idActu=2764