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Shell pulls out of $9bn refinery plan in China

Financial Times

By Ed Crooks, Energy Editor

Published: December 4 2009 20:49 | Last updated: December 4 2009 20:49

Royal Dutch Shell has pulled out of a proposed $9bn (£5.5bn) refinery project in China, in a sign of the difficulties faced by western oil companies seeking to profit from the country’s rapidly rising demand for energy.

Peter Voser, Shell’s chief executive, talked recently about how the company was seeking to shift its portfolio of refineries “from west to east”.

It has been pulling back in Europe, selling three refineries in France and entering talks with Essar of India to sell three more, two in Germany and one in the UK.

FULL FT ARTICLE (SUBSCRIPTION)

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