CNOOC, Shell to Finance South China Petrochemical Project

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Last updated at: (Beijing Time) Saturday, November 02, 2002

CNOOC, Shell to Finance South China Petrochemical Project

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China National Offshore Oil Corporation (CNOOC) and Shell Petrochemicals Company Ltd. announced Friday they will invest in the construction of a 4.3 billion US dollar petrochemical complex in Huizhou, south China's Guangdong province.

The major contracts for the processing plant, plant automation,and project management services, worth more than 1 billion US dollars, will be awarded before the end of the year, and construction work is due to begin in 2003.

A contract on the joint venture was signed in October 2000 between Shell Nanhai BV, which will hold 50 percent of the shares and CNOOC Petrochemical Investment Ltd. (CPIL), which will have the other 50 percent. CPIL is owned by CNOOC and the Guangdong Investment and Development Company on a respective 90 and 10 percent ownership basis.

Once the world-class petrochemical complex opens in late 2005, on a 4.3 hectare site at the Daya Bay Economic and Technical Development Zone, it will produce 800,000 tons of ethylene, and a total of about 2.3 million tons of petrochemical products, per year.

It is anticipated that the petrochemical colossus will generateup to 1.7 billion US dollars in sales, primarily supplying customers in Guangdong and the high consumption areas of China's dynamic coastal regions.

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