A few days ago, the Petrochemical Industries Company (PIC), a subsidiary of the Kuwait Petroleum Corporation (KPC), signed a memorandum of understanding (MoU) with the Chinese Wanhua Chemical Group, aiming to enhance bilateral cooperation in the petrochemical industry.

In a press release carried by the Kuwait News Agency, Nadia Al-Hajji, CEO of the PIC, stated that the MoU was signed at the Ahmad Al-Jaber Oil and Gas Exhibition. This MoU opens new horizons for cooperation between Kuwait and China in various fields, including research and development, value chain development, and enhancing the presence of products in new, promising growth markets.

The MoU complements the terms of a strategic agreement between Wanhua Chemical Group and the PIC, signed in April 2025, which stipulates the acquisition of a 25% stake in a group of petrochemical plants located in the Yantai region of China.

The agreement includes specialized industrial units to produce a range of high-value, specialized petrochemical products. This will contribute to revitalizing the petrochemical industries and enhancing joint cooperation to serve the interests of both countries and achieve added value for both parties.

Nadia Al-Hajji said that the memorandum of understanding marks a new beginning for more comprehensive cooperation in various fields between Kuwait and China. This is in line with the Petrochemical Industries Company’s 2040 strategy, which focuses on smart investment and measured expansion. Al-Hajji also praised the efforts of the teams from both sides, who have worked with dedication and professionalism over the past months and succeeded in translating the plans into tangible steps.

The Chinese side believes that this visit comes within the framework of strengthening the relationship with the Petrochemical Industries Company and continuing to work towards achieving mutual benefit, stressing that this partnership contributes to enhancing innovation and operational excellence, which supports the economic growth of both countries.