China: PetroChina Confirms Joint Venture Project with Shell & Qatar Petroleum International
|
|
|
|
Wednesday, 25 June 2008 |
|
PetroChina said on Tuesday it signed a letter of intent with Qatar
Petroleum International (QPI) and Shell (China) Ltd. to assess the
feasibility of setting up a refinery and petrochemical complex in
China.
PetroChina is to control 51 percent of the
venture, while QPI and Shell would each take a 24.5 percent stake in
the new complex, which is expected to be a world-class producer of
refined fuels and petrochemicals.
No further details were available
about the deal, although there have previously been media reports that
the complex might be located in the southern Hainan Province. The
letter of intent was signed in Doha, the capital of Qatar, during
Chinese Vice President Xi Jinping's official visit.
China's rising demand for petrochemicals is
attracting investments from major oil producers from the Middle
East. During Xi's visit, Saudi Basic
Industries Corp. signed a deal with China Petrochemical Corp., the
country's largest oil refinery, to expand the scope of their
partnership with a petrochemical complex under construction in north
China's Tianjin municipality. The Tianjin complex, a 50-50 joint
venture, would cost more than 2.5 billion U.S. dollars.
PetrolWorld 240608
|
