China encourages private investment in major petchem projects

Fanny Zhang

21-May-2014

China encourages private investment in major petchem projectsSINGAPORE (ICIS)–China is encouraging more private investments in three major petrochemical projects proposed by state-owned energy firms, as part of a reform to accelerate the privatisation of its economy, the National Development and Reform Commission (NDRC) announced on Wednesday.

The projects include a 1m tonne/year cracker in Huizhou, Guangdong province by China National Offshore Oil Corp (CNOOC), and two petrochemical complexes – one each at Gulei in Fujian province and at Dalian in Liaoning province, the NDRC said in a statement posted on its website.

The Dalian complex primarily consists of a planned 15m tonne/year refinery by PetroChina, while the Gulei facility mainly includes Sinopec’s proposed 16m tonne/year refinery and 1.2m tonne/year cracker, industry sources said.

The three petrochemical projects are included in the list of 80 infrastructure-focused projects, in which China is hoping to draw more private capital participation, according to the NDRC.

The 80 projects cover five categories – transportation, information, clean energy, oil/gas pipelines and storage facilities, and coal chemical and petrochemical bases, it said.

The move aims to reduce state involvement and give market forces a bigger role in the economy, the NDRC said.

Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections

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