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Memorandum Signed on China's Largest Foreign Cooperation Project
South China Sea Petrochem, China's largest foreign cooperation project with petrochemical giant Shell, costing 4.05 billion U.S. dollars, signed a memorandum of understanding Sunday with Huizhou City in south China's Guangdong Province where the company will be located.
The signing of the memorandum of land transfer, electricity and water supply and use of the city's channel, has ensured that the construction of the project will start on time next year.
According to sources, a modern petrochemical complex will be built in the Daya Bay Economic Zone in Huizhou by the year 2005.
A top executive of Shell expressed both the company's satisfaction with the location, one of the fastest developing areas in China, and confidence in the prospect of cooperation.
The contract of the cooperation project was signed in Beijing Saturday.
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