Guangzhou (JLC), April 28, 2025--Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), and Wanhua Chemical Group signed an agreement on April 25, under which PIC would purchase a 25% stake in Wanhua Petrochemical (Yantai), a subsidiary of Wanhua Chemical Group, for 638 million US dollars.
The agreement was signed by Nadia Al Hajji, Chief Executive Officer (CEO) of PIC, and Kou Guangwu, President of Wanhua Chemical Group, the group said on its website on April 27.
This is by far the largest petrochemical investment that Kuwait has made in China, Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of KPC, said at the signing ceremony.
The deal marked an important milestone in the cooperation between the two companies, which dates back to 2013.
Wanhua Chemical Group did not reveal further information regarding this partnership.
According to the capital increase plan it announced in March 2025, Wanhua Chemical Group intended to bring in an overseas chemical company with abundant liquefied petroleum gas to get a steady and long-term supply.
