The China-Kuwait Integrated Refining project, currently the largest joint venture refining and petrochemical project in China invested in by Sinopec Group and Kuwait National Petroleum Co, was formally completed on Dec 28.

Investment on this project totaled more than 40 billion yuan ($5.71 billion). The first phase includes an oil refining project of 10 million tons per year, an ethylene project of 800,000 tons per year, and other related auxiliary supporting projects. It is the pillar project in Sinopec's strategic planning. Among them, the investment in environmental protection projects reached 3.69 billion yuan.

China's self-developed advanced refining and production equipment technology has been widely used in the project, with a localization rate of more than 93 percent. As of Dec 28, the refining and chemical plant, as well as the main auxiliary supporting projects have all completed mid-term delivery. In addition, more than 1,500 production and management personnel have been trained in place.

Wu Xiwei, general manager of the project, noted that after the first phase of the project is put into production, it will attract and gather a number of petrochemical midstream and downstream industries, playing a strong role in driving regional economic development. It is estimated that the annual output value will exceed 60 billion yuan.