China to Aseptic valves strengthen oil cooperation with Kuwait

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Apr. 30, 2009 (China Knowledge) - China, the world's second largest oil consumer after the U.S., hopes to enhance cooperation in the oil and gas sector with Kuwait, the third-largest Arab oil producer in the Persian Gulf, said Chinese Vice Premier Li Keqiang in Beijing on Tuesday.

At a meeting with Kuwait's Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah of Kuwait, Li stated that the two nations can extend cooperation in oil exploration, refining, processing and trade to deal with the ongoing global economic recession, since Kuwait boasts abundant oil and gas resources, and China has great potential demand for these resources.

The oil minister said Kuwait is willing to promote cooperation with China in the energy sector and hopes material progress can be achieved.

In early April, a unit of Sinopec<600028><0386><SNP>, the largest refiner in Asia by capacity, signed a five-year agreement worth US$350 million to build five oil and gas rigs for Kuwait Oil Co. This is the biggest rig project Sinopec has won so far, according to an earlier report from China Knowledge.

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