KPI is currently considering several offers from various international companies for the new scheme, which will be built in the city of Zhanjiang.
The proposed $9bn JV received approval from the government.
Kuwait is expected to become the fourth-largest crude exporter in the world, with the new project initiative.
Kuwait aims to more than double its crude exports to China to 500,000 barrels per day (bpd), versus last year’s sales at just under 200,000 bpd.
In 2009, state-owned Kuwait Petroleum Corp made enquiries with potential investors Shell and Dow Chemical to form a consortium.
However, both the companies did not make any commitment, according to Reuters.
KPI is expected to begin preparations of designs for the refinery units and the petrochemicals complex which are expected to cost up to $500m.
