By the end of April 2025, Wanhua Chemic and Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed a joint venture agreement. PIC is investing USD 638 million – equivalent to around EUR 597 million – to acquire a 25% stake in Wanhua Chemical (Yantai) Petrochemical Co. The joint venture aims to take the existing partnership between the two companies to a new level. The signing was attended by Zengtai Liao, Chairman of the Board of Wanhua Chemical Group, and Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of KPC, among others. The formal contract was signed by Guangwu Kou, President of Wanhua Chemical, and Nadia Al Hajji, CEO of PIC.