PetroChina, QP, Shell to see if China unit viable

24 June 2008 02:49  [Source: ICIS news]

SINGAPORE (ICIS news)--Royal Dutch Shell said late on Monday that it has signed a letter of intent (LOI) with PetroChina and Qatar Petroleum International (QPI) to jointly assess the viability of building a refinery and petrochemical complex in China.

The proposed integrated refinery and petrochemical complex will have world-class production capabilities to produce refined fuels and petrochemical products with PetroChina holding a 51%, QPI 24.5% and Shell 24.5%, the statement said.

Further details such as the range of products to be manufactured and investment amounts were not revealed.

“This is a great opportunity for our respective companies to reinforce their business relationship and to play a significant role in the refining and petrochemical sectors in China”, said Abdulla bin Hamad al-Attiya, Deputy Prime Minister of Energy and Industry, and chairman of QPI at the signing in Doha, Qatar.

Other senior officials present include Jiang Jiemin, president of China National Petroleum Co, and Linda Cook, executive director of Shell.

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By: Bohan Loh
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