The Times: BP, Shell and Kingfisher lead the British rush for contracts in China
By Carl Mortished, International Business Editor
May 12, 2004
BRITISH companies, led by BP, Shell and Kingfisher, have secured contracts in China worth more than $1.5 billion (£850 million) as they seek to profit from soaring demand for energy and consumer goods, and increased private car ownership in the People’s Republic.
BP announced that it had signed $1 billion worth of deals at a ceremony in London in the presence of Wen Jiabao, the Chinese Prime Minister.
The oil multinational is ramping up its chemicals investment with a new 500,000 tonne acetic acid plant in Nanjing and it plans to increase capacity at another site in the Pearl River Delta.