Shell Launches Major Overseas Investment Project in China

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Last updated at: (Beijing Time) Wednesday, August 07, 2002

Shell Launches Major Overseas Investment Project in China

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The Royal-Dutch/Shell Group and China National Offshore Oil Corporation (CNOOC) will jointly begin construction of a petrochemical project in Huizhou city of south China's Guangdong Province in September, sources said.

The 4.35 billion-US-dollar project, the largest Sino-foreign joint project in the country and one of the leading petrochemical projects in the world, is expected to begin operations in 2005, producing 800,000 tons of ethylene and more than 2.3 million tons of chemicals and by-products annually. Sales are expected to reach1.7 billion US dollars annually.

The CNOOC and Shell signed a contract for the joint venture in 2000 after a marathon 12 years of negotiations. Shell holds 50 percent of the project's total shares, with the remaining 50 percent held by CNOOC, Guangdong Province and Huizhou city.

Experts estimate the project will bring development opportunities to down-stream industries with a potential value of more than 100 billion yuan (12.04 billion US dollars).

Shell, which has subsidiaries in 135 countries and regions and assets worth more than 122.5 billion US dollars, ranks third amongthe world's top 500 multinational corporations and is one of the three biggest petrochemical companies in the world.

Inspired by the project, some international giants based in the United States, Japan and France have reportedly chosen Huizhou asthe venue for their new overseas investment projects.

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