AFX Europe (Focus); Shell, CNOOC complete 4.3 bln usd China petrochem project: Posted 31 December 2005
LONDON (AFX) - Royal Dutch Shell PLC and China National Offshore Oil Corp have completed the construction of the 4.3 bln usd petrochemical complex in the Guangdong province in China, the country's largest ever joint venture project.
In a joint statement, the companies said final preparations for the start-up of the complex, which included an 800,000-tonne olefins plant, are underway.
The project will produce up to 2.3 mln tonnes of petrochemicals products which will be supplied to markets in Guangdong and the mainland's southeast coastal region.
Shell said the project is fundamental to its strategic objective to "grow a significant presence in China, where demand for plastics and packaging is expected to make up 30 pct of world consumption by 2010."
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