The Petrochemical Industries Company and Wanhua Chemical Group Sign Agreement to Strengthen Cooperation

The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Company, signed a memorandum of understanding (MoU) with China's Wanhua Chemical Group on May 25 to strengthen cooperation between the two parties in the petrochemical sector.

The MoU was signed by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Kou Guangwu, and the signing ceremony was attended by Yantai Municipal Government representative and Deputy Mayor Yu Shengtao.

The agreement marks a new step in the partnership between the two companies, following the signing of a strategic agreement in April under which PIC acquired a 25% stake in several Wanhua petrochemical plants in Yantai, China.

The memorandum aims to strengthen cooperation in various fields, including research and development, value chain development, and expanding market reach in high-growth regions.

Al-Hajji pointed out that the cooperation is in line with PIC's 2040 strategy for smart investment and sustainable growth, highlighting the dedication of both teams to transform plans into actionable steps.

Kou Guangwu stressed the mutual benefits of the partnership and its role in promoting innovation and operational excellence to support economic growth in both countries.