China approves US$5-bln petrochemical venture with Kuwait (AFP) Updated: 2006-07-27 19:12
The project also reflects an overall strategic logic that is pulling China
closer to the oil and gas-rich Middle East, said He Jun, an analyst with Anbound
Consulting, an energy consulting company based in Beijing.
"Middle Eastern oil capital is looking for new cooperative partners and
whereas in the past they paid insufficient attention to China, now they are keen
to be part of the growth momentum here," he said.
"At the same time, China is pursuing a policy of diversification in its
overseas energy strategy, hoping to engage in cooperation with Russia, with the
Middle East and with Africa."
The Sino-Kuwaiti project also appears to have all the attractions that China
usually looks for when approving joint ventures -- money, technology and jobs.
Once the huge facility becomes operational four years from now, it could
create employment for between 800 and 1,000 Chinese, previous reports
said.
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