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PetroChina, Shell, Qatar plans Taizhou oil complex-media

Reuters UK

Wed Aug 5, 2009 4:28am BST

BEIJING, Aug 5 (Reuters) – PetroChina (0857.HK)(601857.SS), Royal Dutch Shell RSDA.L and Qatar plan to build an 80 billion yuan ($11.71 billion) refining and chemical complex in Taizhou city in eastern China’s Zhejiang province, Chinese media reported.

The parties have forwarded the project plan to the National Development and Reform Commission (NDRC) for approval, the China Chemical Industry News reported on Tuesday, citing Taizhou city government officials.

The first phase of the complex includes an oil refinery with capacity of 400,000 barrels per day (bpd) and an ethylene unit of 1.2 million tonnes per year (tpy) that would be built on reclaimed land in Luqiao district, and a crude oil wharf on Dachen island 23-kilometres away to dock very large crude oil carriers, the report said.

Shell hoped the project would be approved by the NDRC before the end of this year, Shell China chairman Lim Haw Kuang was quoted as saying by media in November 2008.

Under an earlier agreement, PetroChina will hold 51 percent of the joint venture, while Shell and Qatar will own 24.5 percent each.

Sinopec (0386.HK)(600028.SS), PetroChina’s domestic rival, owns the similar-sized Zhenhai refinery in Ningbo city, Zhejiang provice, some 200 kilometres from the proposed Taizhou project.

Zhenhai is China’s largest refinery by output. (Reporting by Jim Bai and Chen Aizhu; Editing by Chris Lewis)

� Thomson Reuters 2009 All rights reserved.

REUTERS ARTICLE

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