Wanhua Chemical Secures 638 Million Dollar Investment from Kuwait’s PIC Joint Venture Deal Signed

Recently, at its Yantai headquarters, Wanhua Chemical Group signed a joint venture agreement with Kuwait Petroleum Corporation’s subsidiary PIC. PIC will invest $638 million to acquire a 25% stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd., a wholly owned subsidiary of Wanhua Chemical.

Prior to the signing, PIC had successfully completed its bid process on April 22, 2025, at the Shandong United Assets and Equity Exchange Center.

This milestone agreement deepens the strategic partnership between Wanhua Chemical and PIC, reflecting their shared commitment to advancing the global petrochemical industry. The signing ceremony was attended by Liao Zengtai, Chairman of Wanhua Chemical, and Shaikh Nawaf Al Sabah, Vice Chairman and CEO of Kuwait Petroleum Corporation. The agreement was formally signed by Kou Guangwu, President of Wanhua Chemical, and Nadia Al Hajji, CEO of PIC.

Kou Guangwu emphasized that Wanhua Chemical’s collaboration with PIC dates back to 2013, when the company became China’s first enterprise to directly participate in Middle Eastern LPG resource allocation by signing a long-term supply agreement with Kuwait Petroleum. This partnership has ensured the stable operation of Wanhua’s petrochemical facilities in Yantai and established Wanhua as China’s first company with CP price recommendation rights.

The joint venture marks an upgrade in cooperation, aiming to strengthen ties between China and Kuwait during a critical period of global energy transition. Wanhua and PIC plan to accelerate the transformation from high-carbon manufacturing to low-carbon circular production, aligning with the Belt and Road Initiative and Kuwait’s Vision 2035.