Recently, at the headquarters of Wanhua Chemical Group in Yantai, Shandong Province, Wanhua Chemical Group Co., Ltd. (hereinafter referred to as "Wanhua Chemical") and Petrochemical Industries Company of Kuwait (hereinafter referred to as "PIC", a wholly-owned subsidiary of Kuwait Petroleum Corporation, KPC) officially signed a joint venture agreement. PIC will invest 638 million US dollars to subscribe for a 25% stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd., a wholly-owned subsidiary of Wanhua Chemical.

Before the signing of the agreement, PIC successfully completed the delisting procedures at the Shandong United Property Rights Exchange Center on April 22, 2025. The signing of this agreement is an important milestone in the years-long cooperation between Wanhua Chemical and PIC. It marks the entry of the strategic cooperation between the two sides into a new stage and reflects their determination to jointly promote the development of the global petrochemical industry.