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tradingmarkets.com: Shell Snowed Under Projects in China

Tuesday, October 09, 2007; Posted: 04:45 AM
 
BEIJING, Oct 09, 2007 (SinoCast via COMTEX) — RDS/A | charts | news | PowerRating — The world’s top-ranking oil supplier Royal Dutch Shell PLC so far has invested as much as USD 4 billion in China during the past two decades based on its belief of localization, business diversity, and environment protection.

Lately the international conglomerate was awarded as one of the most influential multinationals in China in 2006 for its great achievement made in this country during the past twenty years.

“Shell is the only foreign oil company that has stretched its arms in all sections of the oil industry in China, and we have been pursuing business diversity and sustainable development in the fastest growing economy in the world,” says Lin Haoguang, chairman of Shell China.

Currently, Shell is sparing no efforts in exploiting Changbei natural gas field in Shaanxi Province by joining hands with China National Petroleum Corp. (CNPC), the country’s largest oil and gas producer.

In addition, Shell last month reached an agreement with PetroChina International Co., Ltd. to provide the Chinese oil and gas producer with 1 million metric tons of liquefied natural gas (LNG) each year in the coming two decades from Australia’s Gorgon gas project.

In the resource-rich Northeast China, Shell founded an oil shale joint venture with Guangzheng Mining Development Company in Jilin Province last year. The new company drilled ten mines in 2006 and finished exploitation of 1,000 square meters.

Shell came to China with its world-beating experience over environmental-friendly sustainable development. With many years’ efforts, most of its projects in this country are energy and resource-saving.

It has kicked off a USD 25-million solar energy project in China, which aimed at providing power electricity to 78,000 households in undeveloped rural areas. Up to now, more than 53,000 Chinese families are using solar energy with the helps of Shell.

At present, among 13 senior managers in Shell China, six are Chinese. In the future two years, Shell China will have more talented Chinese join the team by selecting principals from each business department.

Now China has become one of the major profit contributors to Shell. The oil supplier is especially concerned about its own sustainable development in the country, as well as providing reliable and effective energy solutions for Chinese customers. Focus will be principally put on oil exploration, oil products and the chemical business. Shell has received the retail license but not gotten the wholesale qualification yet.

To date, Shell has wet foot in several Chinese energy sectors, like petroleum and natural gas exploration and production, electric power generation, as well as petrochemical and product oil businesses. It has run five lubricant-blending plants in the country, including three acquired from Tongyi.

From cnstock.com, Page 1, Monday, October 08, 2007 [email protected]

http://www.tradingmarkets.com/.site/news/Stock%20News/681576/

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