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Sinopec, Shell Cooperate on New Project
Leading oil giant China National Petrochemical Corp. or Sinopec, sealed Friday an agreement on a joint investment worth 136 million U.S. dollars with the Shell (China) company.
Under the agreement, the two parties will build a plant for producing gas out of coal in Yueyang City, in central China's Hunan Province. Each of the companies will hold a 50-percent share in the new plant.
The construction work will start early next year and the facility is scheduled to begin operation in 2004. It will consume about 2,000 tons of coal each day.
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