Mar 07, 2006
BEIJING (AFX) – Oil major Shell Group said it hopes to invest half a billion usd in China this year as it further develops existing businesses in the country.
“We've got a range of projects underway,” a spokesman for the Shell Companies in China told XFN-Asia, estimating their combined investment for 2006 at 500 mln usd.
Shell China announced earlier today that it signed last month to acquire bitumen maker and marketer Koch Materials China, but released no financial details for the transaction.
Anglo-Dutch multinational's other projects underway in China include a joint venture petrochemical plant with CNOOC Petrochemicals in Guangdong, a service station partnership with Sinopec in Jiangsu, and an oil shale development in Jilin Province.
Last year, Shell estimated its expenditure in China at 500 mln usd, after spending a record 800 mln usd in 2004.
sr/dk
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ARTICLE: U.S. unions urge boycott of Shell to fight apartheid: 19 Jan 1986
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