A proposed refinery, a petrochemical joint venture between CNPC, Royal Dutch Shell Plc and Qatar plans to build a mega project in Eastern China's Zhejiang province. The three partners have inked a framework deal with local authorities, as per Reuters, for a 400,000 bpd oil refining and 1.2 mln tpa ethylene plant. The project has won initial approval from the National Development and Reform Commission in June. It awaits final government approval, which also includes an environmental clearance. This project, likely to cost US$10 billion, is expected to give Shell and Qatar their first solid foothold in China. The Taizhou venture will use imported condensate and other feedstock to produce ethylene and other petrochemicals.
14-Oct-11 
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