The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed a Memorandum of Understanding (MoU) on Sunday with Chinaآ’s Wanhua Chemical Group to strengthen bilateral cooperation in the petrochemical sector.

The memorandum was signed at the Ahmad Al-Jaber Oil and Gas Exhibition by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Kou Guangwu, in the presence of Yantai government representative, Vice-mayor Yu Shengtao.

This agreement marks a new step in the partnership between the two companies, building on a strategic agreement signed in April under which PIC acquired a 25 percent stake in several Wanhua petrochemical plants in Yantai, China.

The memorandum aims to enhance collaboration across various areas, including research and development, value chain development, and expanding market reach in high-growth regions.

Al-Hajji noted that this partnership aligns with PICآ’s 2040 strategy of smart investments and sustainable growth, highlighting the dedication of both teams in turning plans into actionable steps.

Kou Guangwu emphasized the mutual benefits of the partnership, stressing its role in fostering innovation and operational excellence to support economic growth in both countries.

The Chinese delegation also toured the Ahmad Al-Jaber Exhibition, where they learned about Kuwaitآ’s oil industry history, exploration, production, storage, transport, and downstream operations.