Total's Entry At Zhanjiang Refinery Suggests Possible Movement In 'Project Kuwait'

BMI View: The announcement that Total has acquired a 10% stake in the Zhanjiang joint venture (JV) refinery from Kuwait Petroleum Corporation, which will now be left with a 40% stake alongside partner Sinopec (50%), is a sign that the project is gaining momentum. Total is making a strategic move that could help it obtain a stake in the Kuwaiti upstream segment, while KPC gains a market for the heavy crudes that are to be produced from the targeted fields.

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