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FINANCIAL NEWS
Qatar joins CNPC, Shell JV in China
15 Oct 2011
(MENAFN) China’s CNPC signed an initial agreement with local authorities in east China’s Zhejiang province for a proposed petrochemical joint venture with Qatar and Royal Dutch Shell, reported Reuters.
The Taizhou venture, in coastal Zhejiang province is projected to produce 400,000bpd of refined oil and 1.2 million tonnes-per-year of ethylene.
CNPC said the mega project will use imported condensate and other raw materials to produce ethylene and other petrochemicals.
The project was approved by the National Development and Reform Commission, officials said.
Local media said that CNPC will take 51% stake in the project and Shell and Qatar to have 24.5% each.
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