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Guangdong Vows to Nurture China's Biggest Joint Venture
China's economic powerhouse of Guangdong Province will nurture the largest joint venture project in the country, which is in Huizhou City in the province.
Royal Dutch/Shell Group has landed its largest overseas investment project this century in this coastal city by taking a 50 percent stake in a four billion dollar petrochemical complex.
Lu Ruihua, governor of Guangdong, complimented the far-sightedness of the oil giant's investment in the Nanhai Petrochemical project during his meeting with Shell's CEO, Mark Moody Stuart last week.
Stuart, as an adviser to the governor of the fastest growing province in China, delivered a speech on the protection of the environmental and resources during Guangdong's industrial advancement.
Stuart said that Shell is seeking advanced cooperation with the largest consumer of petrochemical products in China. Shell is planning to compete in the bidding of a LPG project in Guangdong.
Construction of Shell's petrochemical project will kick off by 2002, and is scheduled to be completed in 2005.
Lu told Stuart that he has made an inspection tour of the surroundings of the reclaimed construction site, and will ensure that affiliated construction, such as water supply systems of the project, is carried out smoothly.
Guangdong has transferred the operation right of a reservoir to the municipal government of Huizhou for water supply.
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