(Reuters) -Kuwait’s Petrochemical Industries Company, a subsidiary of state-owned Kuwait Petroleum Corporation, said on Saturday it has signed an agreement to acquire a 25% stake in China’s Wanhua Chemical Group.
It did not disclose the value of the transaction, which it said was the largest Kuwaiti investment in China’s petrochemicals industry.
Under the deal, Petrochemical Industries Company will acquire several of the Chinese group’s industrial units that specialize in manufacturing several petrochemicals, including propylene oxide and acrylic acid in the Chinese city of Yantai.
This would help diversify the Kuwaiti company’s portfolio of high-value products, it said.
(Reporting by Ahmed Haggagy; Writing by Menna Alaa El-Din and Ahmed Tolba; Editing by Alexandra Hudson and Susan Fenton)
