Kuwait Petroleum's stake investment in China Wanhua Chemical's unit valued at $638 mln

Reuters

04-28

Kuwait Petroleum's stake investment in China Wanhua Chemical's unit valued at $638 mln

SINGAPORE, April 28 (Reuters) - Kuwait Petroleum subsidiary's acquisition of a 25% stake in China Wanhua Chemical's petrochemical business is valued at $638 million, Wanhua Chemical said on Monday.

Petrochemical Industries Company, a subsidiary of Kuwait Petroleum, announced the deal on Saturday, but did not give a value for the transaction.

PIC's investment is on the petrochemical unit of China's Wanhua Chemical 600309.SS.

Citigroup C.N is advising Petrochemical Industries Company on the acquisition.

(Reporting by Chen Aizhu and Siyi Liu in Singapore and Kane Wu in Hong Kong)

((aizhu.chen@thomsonreuters.com; Reuters Messaging: aizhu.chen.reuters.com@reuters.net))

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