KUWAIT Petrochemical Industries Co, a state-controlled petrochemicals maker, said talks with Chinese authorities to build an oil complex in Guangdong Province may be concluded by year's end, Al-Seyassah newspaper reported.

Kuwait Petrochemical has obtained initial approval from the Chinese government for the joint-venture project, including a petrochemical plant and an oil refinery with a processing capacity of 400,000 barrels a day, the Kuwait City-based newspaper said on Friday, citing Saad al-Shuwaib, chairman of the Kuwaiti firm.