The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed a Memorandum of Understanding (MoU) on Sunday with China’s Wanhua Chemical Group. This agreement is intended to strengthen bilateral cooperation within the petrochemical sector.

The signing took place at the Ahmad Al-Jaber Oil and Gas Exhibition and involved PIC CEO Nadia Al-Hajji and Wanhua Chemical President Kou Guangwu. The event was also attended by Vice-mayor Yu Shengtao, a representative from the Yantai government.

This new memorandum builds on a strategic agreement from April, where PIC acquired a 25 percent stake in several of Wanhua’s petrochemical plants located in Yantai, China. The current memorandum aims to enhance collaboration in various areas, such as research and development, value chain development, and expanding market reach in high-growth regions.

Nadia Al-Hajji remarked that the partnership aligns with PIC’s 2040 strategy focused on smart investments and sustainable growth. She highlighted the commitment of both teams to transform their plans into actionable steps.

Kou Guangwu noted the mutual benefits of this partnership, emphasizing its importance in promoting innovation and operational excellence. He believes this will support economic growth in both countries.

Furthermore, the Chinese delegation toured the Ahmad Al-Jaber Exhibition, gaining insights into Kuwait’s oil industry history, including exploration, production, storage, transport, and downstream operations.