PetroChina, QP, Shell plan to build Taizhou complex in 2012

17 October 2011 10:30  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina, Qatar Petroleum (QP) and Shell are planning to start building their refining and petrochemical complex joint venture at Taizhou in Zhejiang province in 2012, a source from Shell said on Monday.

The capacity of the project's refinery, which was originally planned at 400,000 bbl/day, has been downsized to 300,000 bbl/day, the source said, without elaborating further.

The companies aim to start operating the complex in 2015, the source added.

The three companies on 10 October signed a framework agreement with the Taizhou government to clarify each party’s responsibilities in the project.

Under a preliminary agreement made two years ago, PetroChina holds a 51% stake in the project, while Shell and QP each hold a 24.5% stake.

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By: Jean Zou
+65 6780 4359



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