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Sinopec-KPC proposed oil venture site to change -sources

Reuters

Sun May 10, 2009 9:32pm EDT

BEIJING, May 11 (Reuters) – The location of the proposed joint refinery between Sinopec Corp (0386.HK) and Kuwait Petroleum Corp will be changed from Guangzhou to another city in the province, oil industry sources said on Monday.

“Talks are still going on and Zhanjiang is a very likely place for the plant,” said one source who is close to the negotiations.

“For certain, it will not be in Guangzhou,” said another source.

The proposed 300,000 barrel-per-day refinery and 1 million tonne-per-year ethylene complex was previously planned for Guangzhou, capital of Guangdong province, but has led to objections due to environmental concerns.

The oil and chemical complex was estimated to cost between $8 billion and $9 billion, Kuwaiti state news agency KUNA reported last August.

“Actually, capital expenditure will be decided by the negotiations, ” said the first source. “We are working on that with the Chinese.”

The sources declined to say which other international oil companies, including BP Plc (BP.L) and Royal Dutch Shell (RDSa.L), would be selected to participate in the proposed joint venture.

(Reporting by Jim Bai and Tom Miles; Editing by Chris Lewis)

 

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