Latest news with #WanhuaChemical
Zawya
7 days ago
- Business
- Zawya
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. (
Asharq Al-Awsat
7 days ago
- Business
- Asharq Al-Awsat
Kuwait, China Sign MoU to Enhance Cooperation in Petrochemical Sector
The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed on Sunday a memorandum of understanding (MoU) with China's Wanhua Chemical Group to enhance cooperation in the petrochemical sector. The agreement was signed by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Qu Guangguo at the Ahmad Al-Jaber Oil and Gas Exhibition. The signing ceremony was attended by Yu Xingtao, a representative of the Chinese government in Yintai, PIC said in a statement published by Kuwait's state-owned news agency, KUNA. The MoU aims to open new avenues for collaboration in key areas such as research and development, integrated value chains, and market expansion into high-growth regions. It also builds upon a broader strategic agreement signed between the two companies in April, which included Wanhua Chemical's acquisition of a 25% stake in a cluster of petrochemical plants in Yintai, China. Al-Hajji noted that the facilities involved in the agreement specialize in producing high-value petrochemical products, saying the partnership will invigorate the sector and foster stronger industrial cooperation between the two nations. She emphasized that the collaboration is designed to generate added value and mutual benefit. Al-Hajji said the newly signed MoU marks the beginning of a deeper partnership aligned with PIC's 2040 strategic vision, which emphasizes smart investments and planned expansion. She commended the efforts of the joint working teams from both sides, who, through months of dedication and professionalism, successfully translated strategic plans into actionable milestones. For his part, Qu Guangguo affirmed that the visit underscores the growing relationship with PIC, highlighting the MoU's role in promoting innovation, operational excellence and economic growth in both countries. In April, PIC said it has signed an agreement to acquire a 25% stake in China's Wanhua Chemical Group. The agreement includes specialized industrial units to produce Propylene Oxide (PO), Tertiary Butyl Alcohol (TBA), Acrylic Acid (AA), Butyl Acrylate (BA) and several other products, contributing to the diversification of the company's high-value product portfolio.
Fibre2Fashion
01-05-2025
- Business
- Fibre2Fashion
Kuwait's PIC invests $638 mn for 25% stake in Wanhua Chemical
On April 25, Wanhua Chemical formally signed a joint venture agreement with Petrochemical Industries Company ("PIC"). Under the terms of the agreement, PIC invested USD 638 million to acquire a 25% equity stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd. Wanhua Chemical and PIC signed a joint venture agreement, with PIC investing $638 million for a 25 per cent stake in Wanhua Chemical (Yantai) Petrochemical. Leaders from both sides attended the ceremony. The partnership marks a new phase of collaboration, aiming to drive innovation, expand cooperation, and set a benchmark in the global petrochemical industry. The signing ceremony was witnessed by leaders from both parties, including Zengtai Liao, Chairman of Wanhua Chemical Group, and Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC). The agreement was formally executed by Guangwu Kou, President of Wanhua Chemical Group, and Nadia Al Hajji, CEO of Petrochemical Industries Company (PIC). This strategic partnership represents a significant milestone in the longstanding collaboration between Wanhua Chemical and PIC, ushering in a new chapter of mutual growth and innovation. The two companies will combine their industrial strengths and resource advantages, unlocking new avenues for cooperation across a wider range of sectors and deeper levels of synergy. This collaboration is expected to elevate global petrochemical industry development while driving economic growth and setting a new benchmark for international cooperation in the sector. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Arab Times
26-04-2025
- Business
- Arab Times
Kuwait Petroleum subsidiary acquires 25% stake in China's Wanhua Chemical Group
KUWAIT CITY, April 26: Kuwait's Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), has secured a significant partnership with China's Wanhua Chemical Group. The agreement grants PIC a 25% stake in a group of petrochemical plants located in Yantai, China. These facilities specialize in producing high-value chemicals such as propylene oxide, tert-butyl alcohol, acrylic acid, and butyl acrylate. This acquisition is poised to diversify PIC's product portfolio and enhance its strategic position in the global petrochemical market. The partnership aligns with KPC's long-term vision for the petrochemical sector, aiming for significant growth by 2040. KPC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah emphasized that this agreement represents the largest Kuwaiti investment in China's petrochemical industry, marking a milestone in the evolving bilateral relations between Kuwait and China. He noted that the collaboration shifts the relationship from traditional petroleum derivative supply agreements to a strategic partnership focused on value creation. Wanhua Chemical Chairman Liao Zengtai highlighted that the cooperation, which dates back to 2013, has evolved based on shared values and complementary capabilities. He expressed confidence that this new partnership will drive growth in the petrochemical industry in Yantai and beyond. PIC CEO Nadia Al-Hajji underscored the project's importance in advancing PIC's strategy, fostering innovation, and promoting mutual growth. She emphasized that the collaboration reflects mutual trust and a shared vision for sustainable development. Wanhua Chemical Chairman Qu Guangwu reiterated his company's commitment to smart manufacturing and green technology. He noted that the partnership with PIC aims to leverage both parties' strengths along the petrochemical industry chain, enhancing mutual benefits and revitalizing the industry. KPC Managing Director of International Marketing, Sheikh Khaled Ahmed Al-Sabah, reflected on the longstanding relationship between KPC and Wanhua, which began with petroleum derivative supply agreements. He emphasized that this partnership not only strengthens industrial ties between Kuwait and China but also represents a shared commitment to innovation and sustainable growth in the global chemical sector. To ensure thorough evaluation of the acquisition, PIC enlisted the assistance of major international consulting firms. Citigroup Global Markets Limited acted as the financial advisor, while Ashurst LLP served as the legal advisor. The agreement was officially signed in Yantai, China, by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Qu Guangwu, in the presence of KPC CEO Sheikh Nawaf Al-Sabah and Wanhua Chemical Chairman Liao Zengtai. The signing ceremony was attended by dignitaries and officials from both sides, including KPC Managing Director Sheikh Khaled Al-Sabah, Advisor to the Embassy of the State of Kuwait in Beijing Faisal Al-Shammari, Deputy Managing Director Waleed Al-Mukhaizeem, and Executive Vice President for Projects and Business Development at PIC Firas Al-Awad, along with a high-level Kuwaiti delegation and senior executives from both companies. Established in 1963, PIC is the petrochemical arm of Kuwait Petroleum Corporation and is a regional leader in the petrochemical sector with a global presence across Asia, the Middle East, Europe, and North America. Wanhua Chemical is a leading global supplier of innovative chemical products. Through continuous innovation, advanced manufacturing facilities, and operational efficiency, it offers its customers more competitive products and solutions.
Korea Herald
31-03-2025
- Automotive
- Korea Herald
Wanhua Chmeical and IBU-tec signed a Joint Development Agreement for the development of a European LFP battery material, creating the basis for a European value chain in the battery sector
WEIMAR, Germany, March 31, 2025 /PRNewswire/ -- On March 26th, Wanhua Chemical Group Battery Technology Co., Ltd ("Wanhua Chemical") and IBU-tec ( "IBU-tec"), the leading European manufacturer of lithium iron phosphate materials, successfully held a signing ceremony for the Joint Research and Development Agreement (JDA) in Weimar, Germany. The partnership with IBU-tec does not affect the progress of concrete talks with further companies on far-reaching cooperation, which Wanhua Chemical is currently conducting. Within the framework of the partnership, IBU-tec and Wanhua Chemical will carry out a scale-up towards the industrial scale in the coming months. The partners expect to have reliable results in the third quarter of the current year as to whether the joint development will meet market requirements in Europe and North America. If this is the case, it will open up extensive potential for the production of an LFP cathode material in Germany that would be part of a European value chain in the battery sector. Dr. Hua Weiqi, Executive Vice President of Wanhua Chemical, Mr. Wang Xiaoxing, General Manager of Wanhua Battery Industry Company Limited, Mr. Jörg Leinenbach, CEO of IBU-tec and Mr. Ulrich Weitz, CPO of IBU-tec, attended the signing ceremony. This event marks the formal opening of the in-depth cooperation between the two parties in the field of lithium iron phosphate (LFP) materials. In the field of battery materials, lithium iron phosphate has gradually become a mainstream product in the new energy automobile and energy storage market with its advantages of high safety and long cycle life. In recent years, Wanhua Chemical has established a technology platform integrating battery material technology development, equipment technology development, and electric core application technology research, and its lithium iron phosphate products have been upgraded continuously. In this cooperation, the company will establish a local supply chain to supply LFP materials to European customers. Dr. Hua Weiqi said: LFP shows the dominant position (almost 80% share in EV in Chinese market), and is almost the only commercially available solution for energy storage. Wanhua Chemical adheres to the globalization strategy and has set up 7 R&D centers in Beijing, Shanghai, Hungary, Spain, etc., 9 production bases and more than 10 overseas sales organizations, and IBU-tec, as a local German Li-ion material factory, focuses on the R&D and production of LFP, and owns a mature R&D and production system. In the future, the two sides will also discuss the establishment of a joint laboratory in Europe, to begin cooperation in the field of battery innovation and R&D, to provide strong local R & D support for the development of the European battery industry. About Wanhua Chemical: Wanhua Chemical is a globally operated chemical new materials company, ranking 16th of C&EN's Global Top 50 chemical companies, with over 30000 employees worldwide. Its business covers polyurethanes, petrochemicals, performance chemicals, emerging materials and future industries. The industries include homeware and furniture, sports and leisure, automobiles and transportation, building and construction, electronics and electrical appliances, personal care, and green energy.
