Kuwait's PIC invests $638 mn for 25% stake in Wanhua Chemical

On April 25, Wanhua Chemical formally signed a joint venture agreement with Petrochemical Industries Company ("PIC"). Under the terms of the agreement, PIC invested USD 638 million to acquire a 25% equity stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd.

The signing ceremony was witnessed by leaders from both parties, including Zengtai Liao, Chairman of Wanhua Chemical Group, and Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC). The agreement was formally executed by Guangwu Kou, President of Wanhua Chemical Group, and Nadia Al Hajji, CEO of Petrochemical Industries Company (PIC).

This strategic partnership represents a significant milestone in the longstanding collaboration between Wanhua Chemical and PIC, ushering in a new chapter of mutual growth and innovation. The two companies will combine their industrial strengths and resource advantages, unlocking new avenues for cooperation across a wider range of sectors and deeper levels of synergy. This collaboration is expected to elevate global petrochemical industry development while driving economic growth and setting a new benchmark for international cooperation in the sector.

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Fibre2Fashion News Desk (HU)