11 January 2011 07:24 [Source: ICIS news]
Correction: In the ICIS story headlined "Shell plans to join second phase of CNOOC refinery plan - report" dated 11 January 2011, please read in the sixth paragraph ... 10m ... instead of 100m and ... 1m ... instead of 10m .... A corrected story follows.
SHANGHAI (ICIS)--Shell is negotiating with China National Offshore Oil Corp (CNOOC) to participate in the second phase of the Chinese major’s refinery project at Huizhou in Guangdong province, a senior executive from the joint venture of the two companies was quoted as saying on Tuesday.
The project would require an investment of more than yuan (CNY) 50bn ($7.5bn) and would start operations in 2014, Zhu Mingcai, deputy CEO of the joint venture between CNOOC and Shell Petrochemicals Co (CSPC), was quoted by state-owned China Daily as saying.
"The cooperation with Shell has brought state-of-the-art technologies and management experience to CNOOC," Zhu said.
The Huizhou refinery would help CNOOC tap into the ?xml:namespace>
CNOOC was also looking at southeast Asia for further downstream developments, Dong said.
Diao Guotao, secretary of the Communist Party of China Committee of CNOOC Huizhou district, said that Shell may not be able to get 50% share in the news project.
“Even if CNOOC agrees to let Shell participate, it won't get as high a stake as the 50% it has in CSPC as CNOOC is not short on the capital or the technologies needed to build the new plant," said Diao.
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($1 = CNY6.64)
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