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Qatar, Shell to build China oil, petchem complex

Reuters UK

RPT-UPDATE 1-Qatar, Shell to build China oil, petchem complex

Tue Jun 24, 2008 4:35am BST
 

(Repeats to add UPDATE tag)

 

BEIJING, June 24 (Reuters) – Qatar and Royal Dutch Shell (RDSa.L:QuoteProfileResearch), together with PetroChina (0857.HK: Quote,ProfileResearch), plan to build a refining and petrochemical complex in China, the companies said.

The deal, signed on Monday in Doha during Chinese Vice President Xi Jinping’s state visit, offers Qatar its first foray into the lucrative Chinese fuel market, following other Middle East countries, Saudi Arabia and Kuwait.

The agreement came just two months after a huge gas supply pact reached among the same parties under which China will import 3 million tonnes of liquefied natural gas a year from Qatar and its partner Shell for 25 years from 2011.

Monday’s letter of intent did not give an investment figure, nor the location or timeframe of the proposed multi-billion-dollar venture.

PetroChina, Asia’s top oil and gas producer and China’s second-largest refinery, will own 51 percent in the proposed joint venture, while Shell and Qatar will each own 24.5 percent, said Shell and CNPC, parent of PetroChina.

(Reporting by Chen Aizhu and Jim Bai; Editing by Louise Heavens)

 

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