22 January 2010 10:01 [Source: ICIS news]
SHANGHAI (ICIS news)--China has given its initial approval to China National Petroleum Corp (CNPC) and Petreleos de Venezuela, SA (PDVSA) on building a 20m tonne/year refinery in Guangdong province, an official at the National Development and Reform Commission (NDRC) said on Friday.
The approval paves the way for the joint venture partners to conduct preliminary studies on the project, the official said, in Mandarin.
The official declined to say whether the project would include any downstream petrochemical plants.
Initial investment for the refinery to be located in Jieyang city was pegged at yuan (CNY) 58.5bn ($8.57bn), according to sina.com, ?xml:namespace>
Future development of the project would include a cracker, sina.com reported, citing unnamed government sources.
State-owned CNPC would hold a 60% stake in the project, while Venezuelan PDVSA would own the remaining 40%, sina.com said.
CNPC could not be reached for comment.
($1 = CNY6.83)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections