GreenergyDaily

Apr. 27, 2025

1. Kuwait's Petrochemical Industries Company (PIC), a subsidiary of state-owned Kuwait Petroleum Corporation (KPC), said on Saturday it has signed an agreement to acquire a 25% stake in China's Wanhua Chemical Group.

2. Under the terms of the agreement, PIC invested USD 638 million to acquire a 25% equity stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd.

3. It is reported to be the largest Kuwaiti investment in China's petrochemicals industry.

4. PIC will acquire several of the Chinese group's industrial units that specialize in manufacturing several petrochemicals, including propylene oxide and acrylic acid in the Chinese city of Yantai.

5. This would help diversify the Kuwaiti company's portfolio of high-value products, it said.