Kuwait PIC, China's Wanhua Chemical Group sign deal to boost cooperation
KUWAIT - 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.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
Hong Kong-headquartered International Mediation Body Established
HONG KONG SAR - Media OutReach Newswire - 31 May 2025 - International mediation marked a significant milestone yesterday (May 30) with the establishment of the International Organization for Mediation (IOMed). The IOMed, with its headquarters in Hong Kong, is the world's first inter-governmental international legal organisation devoted to the use of mediation in resolving international disputes. More than 80 countries and about 20 international organisations, including the United Nations, sent senior representatives to Hong Kong to witness the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs of the People's Republic of China, Wang Yi, attended the Signing Ceremony and was the first to sign the Convention on behalf of China. Altogether, 33 countries signed the Convention on-site, making them the founding members of the IOMed. Addressing the ceremony, Mr Wang said that as an innovative step in international rule of law, the IOMed has great significance in the history of international relations. The IOMed will be headquartered in Hong Kong, whose handover is itself a success story of peaceful settlement of international disputes. He added that the success of the "one country, two systems" principle has created brighter prospects for prosperity and stability in Hong Kong. Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, thanked the Central Government for its staunch support of Hong Kong, and the international community for placing their trust and confidence in the city. "The IOMed will provide a pathway for countries – regardless of culture, language and legal system – to resolve international disputes based on mutual respect and understanding," Mr Lee said. "This is increasingly important amid mounting geopolitical tensions." Mr Lee underscored that the IOMed reflected a shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations. The Chief Executive also set out Hong Kong's advantages as an effective "super connector" and "super value-adder" and said the city would actively promote the IOMed's valuable work in settling international disputes through mediation. "Despite geopolitical turbulence, Hong Kong builds bridges, not walls," Mr Lee said. "Under our unique "one country, two systems" principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. "We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently." With a robust, efficient and well-respected legal system as well as world-class legal and dispute resolution services professionals, Hong Kong is also the most preferred seat for arbitration in the Asia-Pacific region. The IOMed headquarters will be located at the site of the former Wan Chai Police Station, once renovation of the Grade 2 historic building is completed. "I'm happy to say that it could open its doors as early as the end of this year," said Mr Lee. "We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation." In the afternoon, the Global Forum on International Mediation discussed topics such as mediation of disputes among countries and mediation of international investment and commercial disputes and the contributions that the IOMed can make. Hashtag: #hongkong #brandhongkong #asiasworldcity #mediation The issuer is solely responsible for the content of this announcement. Information Services Department, Hong Kong SAR Government
Khaleej Times
8 hours ago
- Khaleej Times
Trump doubles global steel and aluminum tariffs to 50%, accuses China of violating trade deal
US President Donald Trump on Friday accused China of violating a bilateral deal to roll back tariffs and announced a doubling of worldwide steel and aluminum tariffs to 50 per cent, once again rattling international trade. Trump said China had violated an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing. "China, perhaps not surprisingly to some, has totally violated its agreement with US. So much for being Mr. Nice Guy!," Trump said in a post on his Truth Social platform. Later, at a rally in Pennsylvania promoting an impending "partnership" between Japan's Nippon Steel and US Steel, he announced the US would double steel tariffs from 25 per cent to 50 per cent, effective next week, which he said "will even further secure the steel industry in the United States." He subsequently announced in a Truth Social post that aluminum tariffs would also double to 50% on Wednesday. While China is the world's largest steel producer and exporter, very little is sent to the United States, as a 25% tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminum suppliers. On overall trade with China, Trump said he made a "fast deal" in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a "devastating" situation, factory closings and civil unrest caused by his tariffs of up to 145 per cent on Chinese imports. Trump did not specify how China had violated the agreement made in Geneva, Switzerland, or what action he would take against Beijing. Asked later on Friday in the Oval Office about the China deal, Trump said: "I'm sure that I'll speak to President Xi, and hopefully we'll work that out." Rare earths licences But a US official told Reuters that it appeared China was moving slowly on promises to issue export licenses for rare earths minerals. The deal called for China to lift trade countermeasures that restrict its exports of the critical metals needed for US semiconductor, electronics and defense production. "The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed," US Trade Representative Jamieson Greer told CNBC, without specifying how that would happen. Indeed, Reuters reported on Friday that global auto executives are sounding the alarm on an impending shortage of rare-earths magnets from China – used in everything from windshield-wiper motors to anti-lock braking sensors – that could force the closure of car factories within weeks. Liu Pengyu, a spokesperson for China's embassy in Washington, said China has maintained communications on trade matters with US counterparts since the Geneva talks, but raised concerns about US export controls. "China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva," Liu said in a statement. Reuters reported earlier this week that the US has ordered a broad swath of companies to stop shipping goods to China without a licence and revoked some existing export licences, according to three people familiar with the matter. Products affected include design software and chemicals for semiconductors, butane and ethane, machine tools and aviation equipment, these sources said. Spokespersons for the White House, the US Treasury and the US Trade Representative's Office did not respond to requests for comment. China talks 'stalled' On Thursday, Treasury Secretary Scott Bessent told Fox News Channel that US trade talks with China were "a bit stalled" and that getting a deal over the finish line will likely need the direct involvement of Trump and Xi. The US-China agreement two weeks ago to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks, and along with other pauses on Trump's import taxes, lowered the effective US tariff rate to the mid-teens from around 25 per cent in early April. It was less than 3 per cent when Trump took office in January. The temporary truce between Washington and Beijing, however, had done nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding US complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks. Major US stock indexes ended little changed on Friday after Trump's complaint about China's compliance. Trump's social media post came two days after a reporter infuriated him by asking him about Wall Street's new term for bets that he will back off extreme tariff actions - the "TACO" trade, an acronym coined by a Financial Times columnist for "Trump Always Chickens Out." "I chicken out? Oh, I've never heard that. You mean because I reduced China from 145 per cent that I set, down to 100 and then to another number?" Trump said, later adding: "It's called negotiation." Trump's tariff strategy also suffered a major setback on Wednesday when the US Court of International Trade ruled that his broad global tariffs, including those on China, were invalid because he exceeded his authority under an emergency powers law used to back them. An appeals court has issued a temporary stay for the decision, allowing them to remain in place for tariffstrump tariffs
Zawya
a day ago
- Zawya
Trump says China has 'totally violated' Geneva deal with US on tariffs
U.S. President Donald Trump on Friday said China had violated an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing. "China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!," Trump said in a post on his Truth Social platform. Trump said that he made a "fast deal" in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a "devastating" situation, factory closings and civil unrest caused by his tariffs of up to 145% on Chinese imports. Trump's message did not specify how China had violated the agreement made in Geneva, Switzerland and what action he would take against Beijing. But a U.S. official told Reuters said it appears China was moving slow on promises to issue export licenses for rare earth minerals. U.S. Trade Representative Jamieson Greer also told CNBC that China was not in compliance with the Geneva deal, adding: "The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed." Greer said the flow of critical minerals from China, which had been cut off by Chinese trade countermeasures, has not resumed as called for by the Geneva agreement. A spokesperson for China's embassy in Washington did not immediately respond to a request for comment. Spokespersons for the White House, the U.S. Treasury and the U.S. Trade Representative's Office also did not respond to requests for comment. On Thursday, Treasury Secretary Scott Bessent told Fox News Channel that U.S. trade talks with China were "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of Trump and Chinese President Xi Jinping. Two weeks after breakthrough negotiations that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent said progress since then has been slow, but said he expects more talks in the next few weeks. The U.S.-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding U.S. complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks. (Reporting by David Lawder Susan Heavey and Katharine Jackson; additional reporting by Michael Martina and Gram Slattery; Editing by Sharon Singleton and Chizu Nomiyama)
