The 13th International Energy Forum (IEF) in Kuwait on 12-14 March saw the announcement of an initial agreement for a flagship joint venture of the kind that appears to serve the interests of majors and state-run oil producers alike. Total is to take a 20pc stake in a 300,000 b/d refinery and petrochemicals plant at Zhanjiang in China, partnering Kuwaiti state-owned KPC and China’s state-controlled Sinopec. The deal poten- tially gives Total access to Opec produc- tion and Chinese demand growth, and is line with the IEF’s aim to foster dialogue between national oil companies and their international oil company counterparts.
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