Sinopec, PetroChina plan Mideast ethylene plant

19 May 2008 10:02  [Source: ICIS news]

SHANGHAI (ICIS news)--Sinopec and PetroChina's parent companies China Petrochemical Corp and China National Petroleum Corp are mulling construction of a $5bn joint-venture ethylene plant in the Middle East with regional companies, Hong Kong media reports said on Monday.

The talk with Middle East producers would finish at the end of this year or early next year. China might choose a local state-owned oil firm such as Kuwait Petroleum Corp, Saudi Basic Industries Corp or Saudi Aramco to cooperate, the report said.

PetroChina declined to comment on the story, with a public relations official saying the firm is still concentrating on relief efforts after the earthquake in the southwestern Chinese province of Sichuan.

“It’s an overseas investment plan,” a company source from Sinopec told ICIS news. "Workers in our company are not clear about the details."

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By: Judith Wang
+65 6780 4359

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