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Cnooc-Shell JV Plans To Expand Refinery Capacity By 20% -Exec

THE WALL STREET JOURNAL

JULY 29, 2009

HUIZHOU (Dow Jones)–A petrochemical joint venture between China National Offshore Oil Corp. and Shell Nanhai BV, a unit of Royal Dutch Shell PLC (RDSA), plans to expand its refinery near Huizhou in southern China by 20% by mid-2010, since demand for its products is on the rise, a top executive said.

Paul Lo, chief executive of Cnooc and Shell Petrochemicals Co., said Tuesday the expansion would add 160,000 metric tons of ethylene to the plant’s existing capacity of 800,000 tons and would require a total investment of around CNY1 billion (US$147 million). He didn’t provide details on the investment.

Huizhou city is home to Cnooc’s first large-scale refinery with an annual production capacity of 12 million tons as well as a $4.3 billion petrochemical joint venture with Shell which produces 800,000 tons of ethylene a year.

Cnooc is the parent of Hong Kong-listed Cnooc Ltd. (CEO).

-By Jonathan Cheng, The Wall Street Journal Asia; 852-2573-7121; [email protected]

WSJ ARTICLE

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